I agree that the supply curve was badly choosen by just copy it from BTC and everybody just suffers from the big inflation.
Just talking generally here. But one doesn’t exclude that other. Means a miner can be a believer but is forced to dump his mining rewards to pay for electricity, hardware, maintance, etc…
There are 2 problems with POW mining in general in my opinion:
- The lower the price of the currency that is mined, the higher the sell pressure for miners to maintain mining operations.
- The higher the difficulty (more miners with more hash power) the higher again the sell pressure for maintain mining operations and/or the higher the pressure to buy more competive hardware (if available!).
Both of the above points lead to mining centralization in china and former soviet republics.
What’s more important than miners and if they dump their mining rewards or not is adoption and demand. As if there is enough adoption and demand it wouldn’t matter if someone dumbs his holdings/rewards, or in worst case it would matter only for a very short time.
This is the real concerning part, adoption, demand & liquidity/volume.
This shows only the mining pools and not the miners at all.