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Pauls says Bitmain's ASIC market power affects both access and innovation: miners could buy S21 XP machines for $32 per terahash a year earlier, then $6 to $6.50, while he estimates Bitmain holds 70% to 80% of the market.
Will McEvoy reveals Zcash mining generates $1,000 per megawatt-hour, far outpacing Bitcoin mining at $150 and AI co-location at $240. Bitmain remains the sole hardware manufacturer, creating severe hardware inelasticity with seven-month delivery lead times.
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