Only tangentially related: How do bitcoin network costs scale with market price?<p>We can expect the marginal cost to mine a coin to scale with price. So if btc worth $52,000 then people will invest on average $52,000 in equipment and electricity.<p>There are 6.5 coins mined every 10 min. So daily network cost approximates to 6.5 * 6 * 24 * $52,000 = $48,000,000<p>This is not strictly accurate as past equipment costs less and people may over invest expecting appreciation. But it should be close enough.<p>So to run the network at a price of $52,000 you need $17.76 billion dollars to enter as fresh capital to be burned as electricity and equipment, correct?<p>And if the price hit $1,000,000 as boosters claim, mining difficulty would rise to adjust and the new annual maintenance cost would be: 6.5 * 6 * 24 * * 365 * $1,000,000 = $341,640,000,000<p>And then this would decrease as halving happened. In May 2020 and then 2024. So the annual cost to run a $1,000,000 btc network post the may 2020 halving would be about $170 billion per year. That much new capital needs to enter the market and be burned up simply to maintain the price at $1,000,000. And to be useful to the world a $1,000,000 bitcoin would need to generate $170,000,000,000 in value annually.<p>Have I got this right or did I make a grievous error somewhere?