Early Bitcoin mining saw dramatic efficiency leaps. S1 to S9 was revolutionary. S19 to S21 is evolutionary. We've hit a wall where chips approach thermodynamic limits. This means equipment investments now span multiple four-year cycles instead of becoming obsolete in 18 months. The industry has matured.
0:43
Early Bitcoin mining saw dramatic efficiency leaps. S1 to S9 was revolutionary. S19 to S21 is evolutionary. We've hit a wall where chips approach thermodynamic limits. This means equipment investments now span multiple four-year cycles instead of becoming obsolete in 18 months. The industry has matured.
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