&gt; While ASICs represent the fixed cost of Bitcoin mining, the expense of electricity is the marginal cost; indeed, Bitcoin is, for all intents and purposes, the digital representation of electricity.<p><a href="https:&#x2F;&#x2F;stratechery.com&#x2F;2015&#x2F;21-inc-and-the-future-of-bitcoin&#x2F;" rel="nofollow">https:&#x2F;&#x2F;stratechery.com&#x2F;2015&#x2F;21-inc-and-the-future-of-bitcoi...</a>