Re:SolarBatteryBitcoin
by lxgr on Thursday April 22, 2021 @07:16AM
(#26901420)
> If you actually mined you would know that no two miners use the same amount of energy for a given hash rate
True but irrelevant: The upper bound for rentability is the cost of electricity plus the capital cost of the mining equipment.
As soon as the sum of these two exceeds the expected mining reward, rational miners stop mining.
I don't doubt that there are inefficient miners out there, but I strongly suspect the majority to act according to their rational economic self-interest and not as players in an expensive technological lottery.
> it's possible to come up with the solution too early or too late entirely through luck
Yes, but not consistently and therefore also not profitably so. The law of large numbers [1] applies.
True but irrelevant: The upper bound for rentability is the cost of electricity plus the capital cost of the mining equipment.
As soon as the sum of these two exceeds the expected mining reward, rational miners stop mining.
I don't doubt that there are inefficient miners out there, but I strongly suspect the majority to act according to their rational economic self-interest and not as players in an expensive technological lottery.
> it's possible to come up with the solution too early or too late entirely through luck
Yes, but not consistently and therefore also not profitably so. The law of large numbers [1] applies.
[1] https://en.wikipedia.org/wiki/Law_of_large_numbers