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Miners don't control the price. If a PoS coin became valued, they'd be leaving free money on the table to ignore it. And if Bitcoin became devalued, the mining
by shawnz 6y ago
Miners don't control the price. If a PoS coin became valued, they'd be leaving free money on the table to ignore it. And if Bitcoin became devalued, the mining rate would drop to match (otherwise they'd be spending in excess of the reward on electricity)
- hanniabu 6y agoMiners don't control the price but they control the upgrade. Why would the miner vote (with their hashpower) to upgrade to a PoS consensus and kill their business?
- shawnz 6y agoThey don't control the upgrade: new miners can simply come in to take the free rewards on the new coin if the existing ones refuse to do it. All that matters is the market's valuation of the currency: it would be irrational for miners to do anything except expand until their costs nearly match the reward.