24 sats \ 1 reply \ @Zepasta 27 Nov 2023 \ on: Is Bitcoin Mining Profitable ? bitcoin
Mining profitability depends on the hardware model, price of electricity, price of bitcoin, and the number of miners on the network.
This seems to be a mistake. The profitability of mining isn't influenced by the number of miners, but rather by the difficulty.
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12 sats \ 0 replies \ @0xbitcoiner OP 27 Nov 2023
It only makes sense if the number of miners varies the hashrate, which in turn increases/decreases the difficulty, which in turn makes mining cheaper/more expensive. But I agree that the number of miners alone does not make mining profitable, I think the author was referring to hashrate.
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