And you thought GPU crypto-mining farms were using a lot of electricity…
Gold prices after this 📉📉📉
Libertarians about to get off on having gold mines in their garages.
Humanity was not responsible enough with bitcoin to learn how to turn electricity into actual gold. Some nerds going to start setting up Tesla coils in caves soon.
I mean… actual gold isn’t crazy valuable these days, is it? It’s used in quite a bit of electronics for its corrosion resistance and conductivity IIRC.
Gold prices have risen steadily for a long time, partly because of its use in electronics. Over $2500/ounce now. But another quirk of gold is the ease with which we can make very thin coatings of it over other materials, sometimes only a few atoms thick. So it is commonly used, but in very very small amounts per device.
If someone works out how to make gold cheap. Then the current value of all gold will collapse and there were be a huge supply of shit that’s been covered in dust in a vault for 100 years.
Most of the gold’s price comes from it being used in jewelry and as an investment. Less than 7% of gold is used by the tech industry
https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/
