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Well, one thing is that the amount you mine isn’t linear in your hash power, it is proportional to the proportion of the hash power that you control. Also, measures of how centralized the mining is, is widely believed to have a substantial impact on the price. Miners may believe that if they were to purchase enough mining power to control a majority, that the price they could sell the tokens for would go down, actually reducing their profit. Whether this actually would reduce their profit, I don’t know. Also, conceivably, if they were to buy more mining power, possibly their main sources of competition might respond in kind, resulting in the same income, but higher costs. By a similar argument to the “avoid there being a majority”, might also want to avoid the case where “if just one large miner drops out, there would be a majority” if people think there is a non-trivial chance of such a miner dropping out. There is, as I understand it, a relatively small collection of large miners such that together they would comprise a majority. Perhaps this is around the smallest number of independent entities that people will expect to be large enough that they will not collude to do bad stuff, and therefore no miner will buy enough additional mining power to cause this number to shrink, out of fear of making the price go down? I don’t know, these are just some ideas. |