On September 20th, according to the 2023-2028 Global Cryptocurrency Mining Market Report and Forecast, in 2022, the global cryptocurrency mining market reached a size of $2.61 billion. With growing interest in digital currencies and the widespread adoption of blockchain technology across various sectors, it is projected that this market will further expand at a compound annual growth rate of 9.15% from 2023 to 2028. By 2028, the market value is expected to reach $3.95 billion.
2028 seems so far from today
As long as everything goes according to plan, right?
I have seen predictions that range from zero to $100 trillion dollars. It’s a bit like the value of a currency. I used to smoke and drink when I were a teenager, and a pint of beer at the University bar was £0.35 and a packet of cigarettes in 1973 was about £0.35. I don’t know the price of beer at a Uni bar anymore, but I bought a non-alcoholic beer at a bar last Saturday that was £3.50 but the glass was about 100ml, so that inflation is about 10 x 5.8 = 58X, Cigarettes, as I understand it, are about £12 per packet, so that is a 3X12 inflation = 36X. As a student I used to work 2 jobs and earn about £80 per week. If wages had done a 36X a student could earn £2,880 a week now. Are there any students out there who can earn £2,900 per week? If so let me know. That is more than I earn now as a consultant.
You’ve picked 2 things that are costly to society for health reasons, so the increase is bigger than expected.
But it’s not just those things. Houses are 33 times more expensive than 1973.
Inflation conveniently doesn’t account for how expensive it is to buy a house, yet that’s the thing everyone is borrowing the most money for. So Inflation since 1973 is supposedly just over 10 times the prices, yet nobody can afford to live anywhere because wages haven’t come close to keeping up with the true cost of living
I agree but I did not choose them for that reason. I chose them because I used to subscribe heavily to both, and now I do not spend one cent on either of them, unless I am out and buying somebody a round of drinks.
About 20 years ago I did a cost comparison of inflation based on my personal spending habits, and have done that every five years since. The reason? For over 30 years I have aspired to a goal of a spend profile as a function of total income as this:
Total after tax income from all sources: 100%
Mandatory spending 30%
Discretionary spending 20%
Charitable work 10%
Remainder for reinvestment 30%
I also use asset allocations in a similar way. Currently my target crypto allocation of assets is “up to 5%” and our actual allocation is “about 3.5%”. So if Crypto all went to zero, it would not adversely affect our lifestyle. On the other hand, if it doubled, quadrupled, or did a 10X, it would be a game changer.
Though I have rarely achieved those goals over any one year, the cumulative effect over 30 years has kept me out of the poor house.