The bitcoin mining market is the first example of a perfectly competitive market in action.
In a hypothetical microeconomic model, perfect competition has several characteristics. Notably, a firm's capacity to extract profits diminishes over time, significantly benefiting consumers and society more than it does itself.
In the long run, future miners who fully comprehend the long-term microeconomic forces will be more competitive and successful.
Because of the industry's intense competition and perfect market structure, all firms' long-term profits tend toward zero. Firms that reduce their operational and marginal costs have the best chance of long-term profitability. As a result, miners are incentivized to pursue renewable or free energy in order to reduce operational costs and increase profitability.
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