Everything trends towards it's marginal cost of production.

Think of how if there are shortages in production of any market good the price of all units in the supply of that good skyrocket to increase available supply to meet demand.

Bitcoin is the only asset in history that has a forever increasing marginal cost of production, in not one but two metrics, over the long term.

Historically everything sees increased efficiency in it's production over time, even Gold. This curtails any significant gains to be had, from societal efficiency improvements, just by holding it.

But with ₿ the increasing energy efficiency of ASICs over time is countered by the difficulty adjustment, maintaining the time required to mine the same amount of ₿ while increasing the energy required. As miners get more efficient, the network adjusts the mining difficulty to absorb that efficiency and result in no net gain.

The difficulty adjustment raises, and sometimes lowers in the short term, bitcoin's marginal cost of production related to electricity (but NOT time) based on the demand for Bitcoin on the open market. Due to market dynamics this effect is what drives the hash rate increases over time, and increases bitcoin's price measured in electricity.

Further, the halving forces a sudden 100% increase in the marginal cost of production every 4 years related to TIME as well as energy.

This functionally raises Bitcoin's price as measured in time.

For the first time we have a sovereign, liquid and global, bearer asset that actively counters human efforts to make more of it for less effort, and instead requires more time / effort / energy to get it as time goes on.

Bitcoin fixes our money, and is humanity's shared savings account.

This is why nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m famously said it goes up forever (Laura), and why there is no second best.

Once you leave the cave, you can never go back to the dark.

#fixthemoneyfixtheworld

#asics

#mining

#Bitcoin

#efficiency

#marginalcostofproduction

#lowtimepreference

#thereisnosecondbest