A little ambiguous. The total return to all miners halves every 4 years or so. If the total investment in mining equipment is doubling every 4 years, then the return to unit investment in mining will decrease by 75% every 4 years. Both the total rate of BTC creation and the increasing investment chasing that creation are decreasing the return to the mining investment.
A little ambiguous. The total return to all miners halves every 4 years or so. If the total investment in mining equipment is doubling every 4 years, then the return to unit investment in mining will decrease by 75% every 4 years. Both the total rate of BTC creation and the increasing investment chasing that creation are decreasing the return to the mining investment.