Capitulation doesn't neccesarily mean negative hashrate difference for me.
It can also mean slower growth because some miners quit while there remain some growth overall.
But anyway, there still was some red last two years.
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It can also mean slower growth because some miners quit while there remain some growth overall.
But anyway, there still was some red last two years.
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It also might be that there is now less miners, consuming less power and the improvement in mining asic efficacy made up for it. That was the case for GPUs as well, albeit to a lesser extent. One could probably graph the mining efficacy with the date of release of the product along with it to reach an estimate for the power consumption, which should be more meaningful for speculation purposes.