NYC Fed VP: "The long run may have arrived - Entry and Exit Leads to Zero Profit for Bitcoin Miners"

We expect the miners with the highest electricity cost of mining—due to inefficient chips or high energy prices or both—to drop out while miners with lower costs will continue mining, albeit possibly at a reduced rate. As the aggregate hash rate declines, the aggregate network profit should return to zero. We may, however, see increased concentration of mining power in locations with the cheapest energy costs.

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