Miners are a cost curve, and the cost curve keeps moving
It traded at 12.56, -2.75% on the session. Every efficiency gain a miner makes is competed away by the network's own design.
L2s, stablecoins, and miners. Fundamentals for digital assets beyond the majors.
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It traded at 12.56, -2.75% on the session. Every efficiency gain a miner makes is competed away by the network's own design.
Stablecoins are the dollars of the crypto economy. When their supply grows, there is more money waiting to be deployed; when it shrinks, liquidity is leaving.
Miners must keep upgrading their machines to stay competitive. Funding that with new equity means existing holders pay for the treadmill.
Miners get described as a bet on BTC. What their revenue really tracks is hashprice: what each unit of computing power earns per day.