Quote from: PokestarFan on June 17, 2022, 02:47:36 AM

I imagine that if the market could ever hit $1000 it would much rather hit $0. Unless the difficulty goes back to what an average consumer CPU/GPU can easily work with, no ASIC miner can profitably run at $1000 per bitcoin.

Not really accurate I think... this is how it works to my knowledge (correct me if I'm wrong)

Bitcoin has a fair value which should be the mining cost.
Going under the mining cost is possible for a while, however a point will arise where miners shut down.
When miners shut down, the hash rate goes down. After a number of blocks the difficulty will go down.
A $1000 a coin point could happen if you wait long enough but it's unlikely because miners are likely to mine again when mining is profitable against market values.

So market value affects mining and mining affects the value. Greed is the balancing mechanism.