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I found this thread really interesting. Willy is talking about the necessity of weak miners post halving to die before hash rate recovers. He explains it here :
“When Bitcoin sheds weakness what it looks like are inefficient miners running old hardware and high costs go into bankruptcy. While others are forced to upgrade hardware that’s more efficient.
Why? Because their income got halved carrying the same costs.
Both cases force miners to sell their BTC to pay for losses or hardware upgrades.
After that’s done, the selling has ended and only the strong remain and they hodl waiting for higher prices.”
My question is, what could happen if, for the first time, we didn't have a bull market in terms of fiat prices after a halving?
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54 sats \ 1 reply \ @siggy47 21 Jun
Lower cost miners would thrive, culling the herd even further.
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It makes sense, thanks :)
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Isnt that economics, though? Being efficient is what makes you survive.
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