Mark Moss explains that Bitcoin mining depends on two unknowns: future price and network difficulty. Unlike gold, Bitcoin's supply is capped, so if the price hit $10 million, more miners would just split the same newly issued coins rather than increase the total supply.
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.
