An interesting though exercise:<p>Does the new capacity make a bitcoin more valuable or less valuable?<p>Intuitively seems like more valuable, but the average cost in energy to mine the marginal block has gone down (otherwise the new miner wouldn&#x27;t be mining) and that&#x27;s often though of as the floor on BTC value.<p>Seems like having a stronger network is a net plus, and since they&#x27;re probably not near the 50%+1 threshold it probably is in fact a stronger network.  Although maybe they will get close if marginal miners are forced to turn off if the price of XBT drops and BitFury is enough more efficient.<p>Although BitFury is probably not a bad actor, technically a 50%+1 attack is not obviously illegal (IANAL), although a government might step in ironically enough.  It seems to me these types of more centralized setups do introduce some tail risk to the system.