Oddbean

Here’s something I have been pondering: If Bitcoin mining similarly tends toward the marginal cost of production, that would be calculated by the cost of hardware and energy costs. Hypothetically, if Bitcoin would 1,000,000x and demand for block space stayed the same, would mining fees be expected to go to 1sat/vbyte? Given that that each mining fee would cover quite a large amount of electricity and hardware costs. nostr:note1cp0ne7pjrs3ts3fahe34kx4zqyh5zr5e7tfmpwww8pl4229pkd7s8tt47l