Part 6/16:
Growth, Risks, and the Evolution of Hashrate
The discussion touches on the importance of aggregate hash rate, which currently accounts for approximately 5% of the global network (with Luxor's share being a fraction). Building sufficient hash power to hit blocks reliably is a core challenge, especially for new entrants at the start, who face the statistical reality of waiting years—or even decades—without mining a block solo.
Nick emphasizes that the industry is now experiencing a "decoupling"—where the value of hash rate as an asset becomes more relevant than simply the ability to find blocks. Major players like Marathon and Riot are valued more on hash power than direct Bitcoin output, reflecting a broader industry trend towards valuation based on infrastructure assets.