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.
Free 4 min read
MARACOIN
Stock
MARA
MARA
Delayed
Notes mentioning MARA
3Fleet upgrades funded with new shares are paid for by the old ones
Miners must keep upgrading their machines to stay competitive. Funding that with new equity means existing holders pay for the treadmill.
Free 2 min read
Hashprice is the number a miner's shares actually follow
Miners get described as a bet on BTC. What their revenue really tracks is hashprice: what each unit of computing power earns per day.
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