Nation states and state-owned utilities. There’s a lot in that space that we don’t yet know about I suspect
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?
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