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A comment on $130B wiped off crypto markets in 24 hours. Parent comment

Re:$130B wiped off crypto markets in 24 hours by rjmunro on Monday January 24, 2022 @12:16PM (#30060641)
It's much simpler than that. If the price of BTC goes up, it's worth spending more on electricity to mine it.

If 1 coin costs $50,000, and you already own the rig, it's worth spending $49,999 on electricity to mine the next coin and you will make a profit. If you're rig can't do that, you're better off just turning it off.

[ Parent | on HN ]
Re:$130B wiped off crypto markets in 24 hours by 0x0 on Monday January 24, 2022 @01:20PM (#30061622)
Sure, but if the BTC prices rise enough then it is in every transaction recipient's benefit that the network is mining even if there aren't any new coins minted, to avoid a "51% attack" / double spend attack.
[ Parent | on HN ]