Yeah “per transaction” cost is calculated by taking total energy expenditure rate divided by the transaction rate.
It’s a mistake to assume that the ratio is the thing that’s fixed. Energy expenditure is related to fees and the blockchain reward.
It’s a mistake to assume that the ratio is the thing that’s fixed. Energy expenditure is related to fees and the blockchain reward.
This is true of pretty much every industrial process. The idea of running production only when the sun is shining to absorb excess solar seems like a universally poor idea.
The capital expenditure argument makes sense when mining is the primary business. Using old and otherwise unprofitable (but cheap) hardware makes sense where there is intermittent excess energy.