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A comment on The first Bitcoin post on HN. Parent comment

Re:The first Bitcoin post on HN by Nursie on Tuesday November 19, 2013 @02:50PM (#6763905)
>> A spike in electricity costs would directly effect existing bitcoins' value

How?

Please explain?

It makes mining more expensive, and some people may be switched off mining as a result, but the same number of BTC will be made.

[ Parent | on HN ]
Re:The first Bitcoin post on HN by splintercell on Tuesday November 19, 2013 @04:13PM (#6764510)
That means the rate of inflation of bitcoins will slow down, thereby causing a spike in the value of existing bitcoins.
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Re:The first Bitcoin post on HN by Nursie on Tuesday November 19, 2013 @05:07PM (#6764849)
>> That means the rate of inflation of bitcoins will slow down, thereby causing a spike in the value of existing bitcoins

Nope, the rate of bitcoin generation is fixed, it's nothing to do with how many people mine or what the hash rate is.

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Re:The first Bitcoin post on HN by Groxx on Wednesday November 20, 2013 @03:22AM (#6766913)
For up to about two weeks, until it adjusts to the new, lower norm, and de/inflation continues at the same rate as before. But technically true over that period, yes.
[ Parent | on HN ]