[lwansbrough]

Miners are incentivized to maximize their energy consumption. The fact that they're able to extract more value with energy efficiency is irrelevant.

[hrhrhrhrhr]

That's like saying that cab drivers are incentivized to maximize their gas consumption.

No, miners are actually incentivized to minimize their energy consumption while maximizing output.

[lwansbrough]

If you’re a miner, and you’re able to halve your power consumption without sacrificing any hash rate, you’re absolutely going to double your processing capacity to maintain your original power consumption, because it makes you more money.

A cab driver can’t do twice as much driving if they double their vehicle’s energy consumption.

[nyolfen]

miners pay energy bills, ergo seek out cheap energy. the cheapest energy is usually hydro. the efficiency directly impacts their bottom line.

[lwansbrough]

Miners make a profit, otherwise they wouldn’t do it. If you can suddenly double your hash rate without changing your power consumption there’s no reason why you wouldn’t do that. You’re incentivized to maintain or grow your power consumption to make more or the same amount of crypto per kWh.