... That means mining equip has to be shut down, which lowers supply and results in an increasing price.
The irony in light of intighet's previous post.....
Also have been hearing this not too seldom. Notice that, again, this is not a newbie member:
Just a blatant misunderstanding of the mechanism of difficulty re-targeting.
If bitcoin was worth 2 dollars a coin it will quickly cease to exist. At 2 dollars a coin it is not only NOT rpofitable to mine, it is actually going to cost people money to mine. Bitcoin needs miners to process transactions, without miners the blockchain freezes and no confirmations are made on your transactions, So at 2 dollars a BTC no one would want to mine much less be able to afford to mine.
Just a blatant misunderstanding of the mechanism of difficulty re-targeting.
Bitcoin adjusts the difficulty of mining so that the average emission of new blocks (== new coins) roughly stays the same.
The interval of re-targeting is 2016 blocks
[edit] unless you refer to exactly that 2016 block interval of lowered supply. But in the overall scale of things it is probably still quite negligible
He he.