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and if all mining of btc stops btc becomes frozen in the address it is in. unable to move digital across nations.
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and if all mining of btc stops btc becomes frozen in the address it is in. unable to move digital across nations.
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Theoretically possible, but highly unlikely. It's not a global on/off switch. If miners start shutting down, the difficulty will drop, giving more incentive for smaller miners to start mining, thus resuming the 1 block / 10 min target. It's a self-regulating closed loop. Can't speed it up, can't slow it down. It's been beating steadily for 15 years now.
well much like gold or silver or oil companies will not full stop.
the difference is btc in a wallet fully needs active mining to stay "alive"
the oz of gold in the bar in my house does not need active mining to stay a gold bar.
So when supply + demand people say it's all in demand for price. it is not the same fundamentals as the demand for gold.
btc supply new and old needs active mining
gold supply new needs active mining old does not.
I think this is basically ignored in loyce and jjg's models for btc price.
mining of btc can 2x affect supply which surely will affect demand directly much more than gold.
yeah to think mining losing profit and dropping from 660eh to 330eh won't be a direct affect on price is quite naive.
last time mining dropped 50% due to china price dropped 50%. and mining lead the drop in price.
oh and a nice bart as price drops to 59k
Reading all this made me think that you think that mining is some kind of a weakness for bitcoin.
I would say, NOT as some energy sources for bitcoin are essentially free, like geothermal or hydro.
Yes, a miner in NJ may shut down due to costs, but El salvador would continue (using volcano power).
I personally think it would be terrible if only POS remain.
That said, efforts are underway to 'mobilize" already mined bitcoin.
The question is: does already mined bitcoin has (in it) some kind of "stored energy"?
M. Saylor talks about it, and if it is so, there could be a smart way to use that "energy".
Personally, I don't think that bitcoin should be 'frozen' even if current mining activity (at some future point) is low.
The question is how to do it.
