Mark Moss explains what happens to Bitcoin mining if the price hits $10 million. Unlike gold, a price surge won't create more Bitcoin, only attract more miners competing for the same fixed supply. Mining difficulty and future price are the real unknowns.
Bitcoin mining is math. So what that means is right now today, I can tell you factually how much Bitcoin it will make you today. What I don't know in the future is two things. Number one, what the price of Bitcoin will be in the future, nor do I know what the difficulty rate will be in the future. The difficulty rate is how many people are mining Bitcoin. Because what happens is with gold, if gold hit $10 million an ounce tomorrow, more people would go mine gold. More gold would come out of the ground at a faster rate. If Bitcoin hit $10 million a coin tomorrow, more people would go mine Bitcoin, but no more Bitcoin would come out of the ground, right? So it's the same amount of Bitcoin's always going to be released. So the more people mining it have to split that Bitcoin.
