But the upkeep cost of protecting the gold is continuous in the same way as bitcoin mining. If you want to own some gold you need to protect it (usually with the state apparatus of violence, which has massive externalities).
In other words, if you just mine a physical gold block, you don't really have an asset without the state's (or your own) continual upkeep that keeps it protected from attacks.
In other words, if you just mine a physical gold block, you don't really have an asset without the state's (or your own) continual upkeep that keeps it protected from attacks.