During the transition, countries that print their currencies can crowd out the private sector from mining, generating enough bitcoin to sustain operations moving forward, no? We know a true free market never exists alongside state actors that can manipulate said free market via currency, regulation, tariffs etc. Governments inevitably become the primary miners because they’re not subject to free-market forces due to the ability of being able to first print currency to maintain an advantage, and leverage the violence monopoly to ensure it regardless of economic forces.

I just don’t see how nation states (who have unfettered access to an amount of nuclear power that no private entity could ever compete with) aren’t entrenched as the largest mining entities forever (if they choose to be)