James MerrymanMay 11, 2022 · 3 years ago7 answers How does perfect competition impact the profitability of cryptocurrency mining?
Can you explain how perfect competition affects the profitability of cryptocurrency mining? I'm curious to know how the level of competition in the mining industry impacts the potential earnings for miners. Does increased competition lead to lower profits? Or does it create opportunities for miners to earn more? How does the concept of perfect competition apply specifically to cryptocurrency mining?