you went too literal about the word milks to talk about it a consumable rather then realise i was talking about any product has a real production cost and a separate retail price
Oh, I've asked about clarification on this point earlier. Do you mind? Are you really saying that miners are able to sell their minted bitcoin at a higher price than the "retail" market price? Or perhaps the other way around: that the miners are only able to sell it at a lower price than the "retailers," similar to most other real-world cases, like the milk example?
im saying if production cost of most efficient asics is $48k/btc COST.. only those at $48k+ would sell at $48k to break even/profit. no one likes to sell at a loss
those with higher costs would just retain coin and wait for the market to rise before selling
this causes a lack of supply on the market
also those with coin from say 2012 ($6/btc cost) may have sold to someone else in 2017 at $20k, where that buyer of that coin has a now $20k min break even so wont sell for $6 even if that coins origins had a mining cost initially of $6.. if then the guy that bought the $6 mining coin for $20k then sells that coin to someone else in 2021 ATH for $70k. the new buyer sets their break even at $70k so wont be selling their stash for under $70k
thus although the coin mined in 2012 had a mining cost of just $6 it has a current break even cost of $70k thus wont be on the market when the market price is $50k
so again less supply willing to sell at <$50k
most holders of old coin they have regular access to are like several re-sold positions of that old coin.
i for instance am one of the rare ones with coins still held from $6/btc. however im not ready to sell and no i wont be interested in selling at <$50k even if my initial cost was just $6/btc..
those that do panic about markets more than likely already have sold and as such the new buyer sets the new amount
when you look at the mining costs and the coin acquisition costs of coin movements (realised value) you start to build a picture of how much coin is supporting certain price levels
and no..its not about the market being $50k today and people are finding ways to sell coin today for $70k-$300k. its about people setting limits of break even to decide to hold onto coin because its not yet time to sell, they wait for the market to rise to sell when the market price is right
if people have no intention to sell in the 2024 period of $50k-$70k they wont put their coin into the market
then you have to look at the other side of the market.. when there are regions of the planet where it costs $300k to mine (they assess cost before actually investing) they see its not worth mining at $300k a coin and would happily buy coin at $50k+ from the market. which also supports the market and the underlying value because they know chances of getting coin via any market for less is extremely thin, because even trying to get coin via OTC hidden markets of the most efficient mining pools will still have those efficient miners not wanting to sell below $50k today