Plugin versioning and availability

What happens if I submit new plugin version with updated minVersion for Ps as an example?
Lets say I have a v1 plugin with minVersion: 22.0.0 and I update plugin v2 with minVersion: 23.4.0

  1. Would users still on Ps v22 be able to install older version of plugin?
  2. What happens to users that are still on v22 with plugin v1 already installed? Are they still able to keep using v1?

How does all this work?