Hi Daniele, I don't think there is any contention over the idea that miners that control a larger percentage of the hash rate, h / H, have a profitability advantage if you hold all the other variables of the miner's profit equation constant. I think this is important: it is a centralizing factor similar to other economies of scale.
However, that is outside the scope of the result that an individual miner's profit per block is always maximized at a finite block size Q* if Shannon Entropy about each transaction is communicated during the block solution announcement. This result is important because it explains how a minimum fee density exists and it shows how miners cannot create enormous spam blocks for "no cost," for example. Best regards, Peter > 2) Whether it's truly possible for a miner's marginal profit per unit of hash > to decrease with increasing hashrate in some parametric regime.This however > directly contradicts the assumption that an optimal hashrate exists beyond > which the revenue per unit of hash v' < v if h' > h. > Q.E.D > > This theorem in turn implies the following corollary: > > COROLLARY: The marginal profit curve is a monotonically increasing of miner > hashrate. > > This simple theorem, suggested implicitly by Gmaxwell disproves any and all > conclusions of my work. Most importantly, centralization pressures will > always be present.
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