This argument ignores the fact that miners are not rewarded exclusively by the block subsidy. They are also rewarded by transaction fees, which will likely increase in the future.

Second, there are many areas in the world where energy is stranded or wasted in the grid. Any place where energy can be turned into value instead of wasted will provide an opportunity for miners to monetize that waste.

its gained 120% YTD in a high inflation environment. whole thing reads like it was written by chat gpt

Pull up the price chart against global hashrate and look at how this fragile system has totally tank during the bear market. 😂

It's simple... they're ngmi