The price of Bitcoin is dependent on two factors and that is the supply and the demand of the coin. The question that has recently crossed my mind is if the price of Bitcoin is dependent on the number of mining activities that take place for this coin? If you think about it when they are more miners of Bitcoin then the supply of the coin that is in circulation at that point is likely to increase quite drastically. If this is the case and the supplies extremely high and if the demand has remained the same, then wouldn't the value of bitcoin also drop in order to accommodate this?
I'm not sure if I'm thinking about it in the right frame of mind or in the right context, but does not seem to be a direct relationship between mining and the supply of Bitcoin? And will this inevitably affect the value of the coin as well? What do you guys think? Can you please clarify whether this is possible.
I'm not sure if I'm thinking about it in the right frame of mind or in the right context, but does not seem to be a direct relationship between mining and the supply of Bitcoin? And will this inevitably affect the value of the coin as well? What do you guys think? Can you please clarify whether this is possible.