Bitcoin Mining Is Costly, Just Like Gold Mining

The classic criticism against the gold standard is that it was too costly. Why are these guys wasting resources to suit up, dig into mountains, desperately seeking a finite resource, and slogging the results all the way to Treasury Department?

There is a reason that Bitcoin is being called Digital Gold.

This is all just silly. We know how to make money: you print it. It’s far cheaper to print than mine. A paper standard will save a tremendous amount of resources that can go to other purposes.

There is a plausibility to the claim. We do know how to make money substitutes that appear to work just as well as what we used to call money. The costs of mining operations are huge and discovering new deposits has to be funded. It involves speculation and drains financial and time resources, all to find the thing we already know how to make (more or less) with paper and ink.

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