https://void.cat/d/M6uAGX5JSByr3XPJW1poF.webp
Who can source energy, capital, hardware cheaply enough to justify competing at these difficulties?
Is the hash rate surge from corporations exploring economies of scale? US investors desperate for Bitcoin exposure in the absence of a bone fide ETF? Or from nations excluded from energy markets through sanction or blockade? Or the proliferation of drastically more efficient hardware? Or something else?
Nation states and state-owned utilities. There’s a lot in that space that we don’t yet know about I suspect
Graphs like these, and the rationale behind it that you bring up, kinda shuts down the paranoid theory that Blackrock is going to fork off Bitcoin for their own PoS-based CBDC or whatever.
It seems like enough serious players are betting against that scenario that it becomes even less likely, despite everyone's general distrust for fiat-brained businesses.
