Without miners? The whole blockchain is set up so there will...

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    Without miners? The whole blockchain is set up so there will always be miners.

    Hash rate is calculated from the difficulty. If difficulty goes down, it is easier for miners to discover a block. So if all the big miners using ASICS quit the business because the price stays here or goes lower, millions of people will spark up old PCs and graphic cards.

    Further, you forget that some people in the world just have too much energy, and nobody to sell it to profitably, and those people are already mining bitcoin using their free, excess energy.

    Here’s just two examples you are not considering: https://www.bloomberg.com/news/articles/2020-03-05/this-utility-heats-new-york-state-and-mines-its-own-bitcoin

    https://cryptoren.com/canadian-oil-gas-company-bitcoin-mining/

    First is Bloomberg dot com (in case it gets modded), second is cryptoren dot com.

    Hydro electric plants make the same amount of electricity day and night. They are designed to meet peal daytime demand. At night, when there is lower demand, those waterfalls don’t just slow to a trickle. Thus electric utilites are the new miners, because they now have a way to make revenue with that excess night time capacity.

    You are thinking in a bubble and forgetting that capitalism finds a way to maximise profitability in ways neither you nor I have thought of yet.

    Further, just like the last two halving, the price will rise hard sometime next year. Thus far, hash has fallen back to its level of...March of this year, as miners adjust. It is already recovering.

    I don’t doubt the possibility of a temporary fall to a place where you can exercise your option. The historical beta of the BTC market is insane. https://www.buybitcoinworldwide.com/volatility-index/

    But as a long time hodler since $220, I don’t worry about much of anything.

    Open your mind, you are missing things, like all the free energy that exists...just because you can’t have any, doesn’t mean there aren’t people in the world with access to free electricity, who are gonna use it to mine at any BTC price.

    Your fantasy of BTC hash going away is unfounded.
    Last edited by HempCFO: 01/06/20
 
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