Correct.
The energy is converted into motion, enough energy was released to send about 3% of the earth's original total mass into space.
I recommend going through this article on kgov.com:
kgov.com
It wasn't floating, in any sense of the word.
It sat on 'pillars' made from the lowered portions of the crust (the valleys of which being where the water that was called "Seas" went.
Supra.
This is where a tiny amount of speculation comes in, though it's not hard to see a possible connection:
Remember the river flowing out of the garden, that then split into four rivers that watered the entire earth?
Yeah, that one.
The source of that river must have been huge.
It's not hard to imagine that there was a hole going deep into the earth that connected in some way to the subterranean chamber of water the would have been the source of all that water. And it makes sense, since the Bible describes the Tree of Knowledge of Good and Evil sitting on a huge source of water that allowed it to grow so big.
In other words, it was a pressure relief valve that simultaneously functioned as a spring that watered the earth. Rather brilliant and sophisticated design, if you ask me...
Only if pressure wasn't relieved somehow.
One of the only problems I can see with the above "relief valve" theory is that once you go below a certain depth, the rock becomes so compressed that it's actually impossible to any gaps in the rock. This would have prevented any fissures from opening up.
Considering the scale, NOTHING is that rigid, not even granite. And I'm pretty sure God designed it so that it would have been able to withstand the tidal pull of the moon for a very long time, especially since the pressure would have been released via the spring in the garden.
To put it another way, God basically designed the moon as the mechanism for keeping the earth watered, since it's tidal pull would have caused the subterranean waters to warm up, causing it to expand and rise up through the relief valve into the garden, watering the earth, where it would disperse, sink into the ground.
The scale boggles the mind, but it makes sense.
The reason the earth cracked was because the pressure built up too much. The Bible says that there was a world-wide drought at the time, because the river from the garden had dried up, likely because the Tree had grown so big, and the garden so overgrown, that they had stopped up the relief valve (the spring from which the water came from, connected to the subterranean chamber of water), that caused the pressure to build up.
In other words: By God kicking man out of the garden (because his job was originally to tend to the garden), He started a chain reaction that would eventually cause the earth to burst at the seams.