Post
Topic
Board Speculation
Merits 8 from 4 users
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
d_eddie
on 21/08/2024, 04:45:56 UTC
⭐ Merited by El duderino_ (5) ,JayJuanGee (1) ,vapourminer (1) ,Biodom (1)
Mining btc is not like mining gold.

The btc that is mined needs mining to exsist.
mined gold does not need mining to continue its existence.

Btc is totally dependent on continuing mining. gold is not.
But gold doesn't make itself easier to find if too few mine it. Bitcoin does.

[/quote]
to think mining has no effect on price and only demand moves price is to dent the fundamentals of btc as compare to gold or silver or any precious metal.
[/quote]

The point is that the offer of new btc stays pretty stable as long as one miner keeps crunching numbers. In other words, with difficulty adjustment a single miner can keep ALL the mineable btc in existence. This isn't true for gold: it does continue to exist even if no one mines it, but has little financial or industrial use when it's buried deep down.