In theory, if all members of the cartel were to follow the rules, then yes. However, Bitcoin mining suffers from the same problem that Californian farmers face

In theory, if all members of the cartel were to follow the rules, then yes. However, Bitcoin mining suffers from the same problem that Californian farmers face when there's a drought -- the tragedy of the commons [1]. In both scenarios, there is an individual incentive to deviate from the rules set: with Bitcoin, it would be with people secretly mining; with farmers, it would be with people secretly taking more water than their allotment. [1] https://en.wikipedia.org/wiki/Tragedy_of_the_commons https://en.wikipedia.org/wiki/Tragedy_of_the_commons