> ... Carlson suspected that many of these stalwarts were probably doing so irrationally ... others had found a way to making mining pay. > ... separated these

> ... Carlson suspected that many of these stalwarts were probably doing so irrationally ... others had found a way to making mining pay. > ... separated these survivors from the quitters and the double-downers, Carlson concluded, was simply the price of electricity...knew that if he could find a place where the power wasn’t just cheap, but really cheap, he’d be able to mine bitcoin both profitably and on an industrial scale. Is the electricity cost really that significant when compared with the amortized cost of the mining equipment itself? Lo those many years ago that I looked into mining, it was marked by extreme risk. New ASIC designs would emerge that would obsolete the old ones. Retailers would have extremely long and unpredictable lead times for new equipment. You could bet on the wrong manufacturer and end up with no product or late product, which would arrive after your competition delivers a difficulty increase. I would wager that this system finds equilibrium marked by optimism, such that everyone has at least a minimal net operating loss. But maybe if you get on the leading wave of ASIC production somehow you can stay ahead?