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That makes a lot of sense. On the other hand, that also suggests that if the price of bitcoin were to rise rapidly, mining costs would take some time to catch u
by pilord8 6y ago
That makes a lot of sense. On the other hand, that also suggests that if the price of bitcoin were to rise rapidly, mining costs would take some time to catch up, no? The connection between mining costs and price is an economic one (that can be in temporary disequilibrium), right?
- graeme 6y agoDepends how rapidly. You can buy the hardware as a commodity, and connect to the power grid. Existing miners prob have expansion plans too they can accelerate. So the market may move pretty fast. Though I read an analysis that there were surplus profits in the 2017 bubble.