There is tremendous opportunity for decentralizing hashrate through miner heat reuse in all kinds of applications, both domestic and commercial. People are already using miners to heat their homes and water, amongst other uses. In places where heat was already provided by electricity, the bitcoin earned from mining is essentially a rebate on the energy cost.

It seems likely that large miners who rely on cheap power to stay profitable will continue to struggle with each halving, while those who are clever about leveraging miners to provide low grade heat will successfully stack sats without worry.

This is a decentralizing trend that I don’t see discussed much in mainstream circles yet.