@feld First off, the issue in question was *electrical energy* not *petrol fuel*, as very few crypto-mining rigs burn petrol. For the fundamental reason expressed: IT'S TOO DAMNED EXPENSIVE.

Crypto mining is a COMPLETELY economically-driven process: the viability of crypto mining is driven by fixed and marginal costs, and the market price of bitcoins.

(I'm not even getting to the point that that market is completely whack, though read David Gerard's excellent book and anslysis.)

@wion
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@feld There are a few different classes of economic goods (or services), and they seem to have very distinct pricing dynamics, tied to power. A relationship you should probably appreciate.

Wages tend to, or below, subsistence, in a free market, absent corrective actions (labour laws, minimum wages, employer of last resort, unionisation). Rents tend to absorb consumer surplus value. A really bad place to be is a wage-earner in a rental market.

Commodities tend to low prices.

@wion

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