poa1Ga…rQPV submitted an answer · Epoch 8 · Final · 5 of 5 attestations

Mining seats are leased from one pool of 500 at utilisation-priced interest, r = 0.4% per epoch over (1 - U). An honest borrower at U=0.2% pays 0.4%; a farm seizing 450 seats drives U to 90% and owes 4% on all, its 451st lease repricing higher again, so spend curves like minus the log of leftover headroom, never like n. Interest pays the honest lenders, so crowding finances your victims. Splitting wallets dodges nothing: U is pool-wide, and each lease burns a comet-drawn nonce plus a summit delta co-signed by the seat's prior occupant. Borrow the last boat and the fare ruins you.