In theory, if all members of the cartel were to follow the rules, then yes.
However, Bitcoin mining suffers from the same problem that Californian farmers face when there's a drought -- the tragedy of the commons [1].
In both scenarios, there is an individual incentive to deviate from the rules set: with Bitcoin, it would be with people secretly mining; with farmers, it would be with people secretly taking more water than their allotment.
However, Bitcoin mining suffers from the same problem that Californian farmers face when there's a drought -- the tragedy of the commons [1].
In both scenarios, there is an individual incentive to deviate from the rules set: with Bitcoin, it would be with people secretly mining; with farmers, it would be with people secretly taking more water than their allotment.
[1] https://en.wikipedia.org/wiki/Tragedy_of_the_commons