Bitcoin mining is a ruthless competition. If a bitcoin miner is paying too much for electric, they will eventually go bankrupt and turn off.

Electricity is a primary cost of Bitcoin miners. Bitcoin mining is geographically agnostic, modular, interruptible demand. Bitcoin miners will find the pockets of free electricity wherever they exist.

And waste, curtailed, and stranded energy sources are plentiful out there in the real world. Eventually Bitcoin miners will be mining exclusively with “free” electricity. Or they will go bankrupt.

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