brock on Nostr: Bitcoin mining is a ruthless competition. If a bitcoin miner is paying too much for ...

Bitcoin mining is a ruthless competition. If a bitcoin miner is paying too much for electric, they will eventually go bankrupt and turn off.

Electricity is a primary cost of Bitcoin miners. Bitcoin mining is geographically agnostic, modular, interruptible demand. Bitcoin miners will find the pockets of free electricity wherever they exist.

And waste, curtailed, and stranded energy sources are plentiful out there in the real world. Eventually Bitcoin miners will be mining exclusively with “free” electricity. Or they will go bankrupt.

quoting note1muv…jayl

"Mining's huge power consumption will send Texans' power bills through the roof," Bitcoin detractors screamed.

According to bitcoinpierre (npub1hxw…40pf) over the past year, the load of mining in Texas has increased by 30 percent while the price of electricity has dropped by 80 percent.

We often underestimate how Bitcoin's real incentive lies in its intrinsic link to electricity.