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0 pointsvmception6y ago0 comments

It balances itself out. a portion of the miners leave making it proportionally more profitable for the remaining miners, or they upgrade to more efficient hardware reducing their power costs to mine the same amount of bitcoin, or the price doubles, or a combination of all of the above.

during some periods of time the price falls and it takes longer for all of that to happen, with existing miners being slowly replaced by more well capitalized miners

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jameslevy6y ago

Sure, but presumably the miners leaving will still want to do something profitable with their mining equipment. I'd expect to see the hashrate increase for other PoW coins. Unless there's some reason for that not to happen.

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