Short excerpt from a YouTube video discussing how the electricity cost to produce Bitcoin creates a physical constraint that produces power-law behavior. The speaker points to a persistent 'gray line' acting like a support/wall that Bitcoin's price barely touches even during shocks such as COVID, then bounces back—presented as evidence of non-random bottoms.
How much electricity cost to produce bitcoin. And that is our point of reference. This is where actually the power law counts. It's one of these. One of the reasons why we see a power law at all, because there are physical constraints in how the coin behaves. You see, this is Covid, for example. Even during COVID we barely touch that gray line, and then we bounce back, almost like if it was a wall. So here again, you know, these are bottoms. It's not. It's no chance. Look at this. It's one of the most spectacular things about bitcoin.
