Yeah pretty much. Except the miners don’t take the money, they burn the money. Mining has low barriers to entry (more or less) so you’d expect low profit margin

Yeah pretty much. Except the miners don’t take the money, they burn the money. Mining has low barriers to entry (more or less) so you’d expect low profit margins. And the major costs are energy (lost forever) and ASICs (unfit for other purpose) So while most industries have costs that feed back into economy, mining costs are just burnt. But yeah beyond that it’s just musical chairs. Depends entirely on inflows. And those aren’t too high. Coinbase’s USD volume is $300,000,000-$1,500,000,000. And that’s buying and selling. You couldn’t sell the whole $1,500,000 and exit without crashing price. 2% depth negative is a bit over a million. So with an apparent $1 trillion in value in the btc market, the exit door is thin.