The biggest cost component of Bitcoin mining is time. No matter how much you increase your hash power, you can only mine it every ten minutes.
Maybe I'm missing something but this seems inaccurate. Time is a factor but is time a bigger cost than energy or capital?
If you have only two miners competing they would not compete on time. They would compete on hash rate. Bitcoin simply removed time as a means of competition but not even in all ways.
If I'm misunderstanding you please elaborate.
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