Another reflection from nostr:nprofile1qqsgt0d4sa0pz0wvn9yck36xxezf3qhwzksu0q254vruqed5wvuavuspz3mhxue69uhkymrpwd68ytnxxaazu7re0gq3gamnwvaz7tmjv4kxz7fwv3sk6atn9e5k7gdqvxe . If hashrate is accelerating, that can only mean nation states are mining #bitcoin and are agnostic to the electricity cost given they can substitute printed fiat for the energy without caring about P&L. Doesn’t this erode the unit economics for public miners? I continue to think it’s not worth chasing derivatives like miners and just stack sats in cold storage