[Dmitriysz]

This makes sense. In the earlier days of bitcoin we’ve seen substantial improvements in mining every 3-6 months.

We’re talking about significant 100x-1,000x improvements in efficiency and profitability.

To stay competitive, these improvements in efficiency made it necessary for miners to upgrade mining equipment every 3-6 months.

Because of its closeness to silicon fabrication and cheap energy, China emerged as the de facto place to set up these mining farms. Those previous 100x-1,000x improvements are no longer possible.

The development of mining hardware caught up with Moore’s law.

This is the observation that transistors in a dense integrated circuit doubles about every two years.

It would be fair to assume ~2x improvements in mining every ~2 years.

This would mean that mining equipment would now have a longer shelf life, and no longer be obsolete in a few months.