Third, miners with access to cheaper energy enjoy a tremendous advantage. If energy is 70% of your cost and you can find a 50% savings on energy, you’ve just cut expenses by 35% making for a dramatic increase in margins. Other business advantages matter too – firmware, cooling, taxes, personnel, access to capital, uptime, etc. – but the 800-pound gorilla is your electricity bill. If you have a significant disadvantage on a cost that accounts for 70% of your expenses, then no matter your other advantages, your business is on the chopping block; cheaper energy reserves will be tapped somewhere in the world until you hoist the white flag and auction off your assets.
USDC Issuer Circle Files to Shift Legal Base to U.S. From Ireland Ahead of Planned IPO: Bloomberg
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