Is there a #hashrate metric that normalizes for gains in efficiency that allows us to visualize rate of change in investment in new hash?

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I would like to see this as well, however with most of the efficiency gains now coming from how well you run your operation and from infrastructure choices like air cooled, water cooled, immersion, etc. it could be difficult to forecast accurately.

Good point. Makes me think that the production of cheap energy is the bigger driver than the cost of manufacturing ASICS.