We can only measure revenue, not profit, because miner expenses are not public information.
I understand. The miners have lump sum agreements for kilowatts and all kinds of buying power that they would not easily disclose.
I always think of the grocery business which operates on very thin margins. I believe new stores come in areas with loans and try to take away business from neglected areas or over supplied areas. After 10 years they shut down and go get more loans to move to another area.
It seems that way.
Meanwhile AI is competing for the same stuff except you can't hash Bitcoin with graphics cards but you can hash nonsense.
I always think of the grocery business which operates on very thin margins. I believe new stores come in areas with loans and try to take away business from neglected areas or over supplied areas. After 10 years they shut down and go get more loans to move to another area.
It seems that way.
Meanwhile AI is competing for the same stuff except you can't hash Bitcoin with graphics cards but you can hash nonsense.