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Nobody seems to be answering your question on energy. The energy cost to mine a coin matters as that is how miners pay the bills. If the coin drops in USD price then miners wont earn enough BTC to pay their very real USD bills. That then will cause them to stop mining. Less miners means slower coins means reduced new supply of coins in circulation so scarcity and hence a price moving up. This then allows miners to reenter as they can pay their energy bill again; and so the cycle keeps going However; the energy cost to create a coin has no value once its created. Simply put - if you buy 1 BTC now it is entirely useless to you that this was created using 150 MWH. The energy is spent, you don’t somehow get access to that energy again if you buy a BTC So no, energy doesn’t “back” bitcoin. Because if nobody else wants your bitcoin; you don’t get the energy back.