"But miners have no pricing power" - that's for sure ! However,...

"But miners have no pricing power" - that's for sure !

However, there may at last be some light at the end of the tunnel. Several physical exchanges are due to start-up in the next 6 months and they 'may' finally start to transfer price discovery away from the paper market. Even the London 'fix' will have more participants, including Chinese banks, so even that 'might' offer a somewhat fairer price discovery than just the 4 bullion banks who currently control it.
CPDLC