„​Think about it logically, if it costs $80k to mine a Bitcoin today then it would require roughly tripling the hashrate of the mining network to bring it's marginal cost of production to $250k. Bitcoin is already the largest computational network on earth by a significant margin after 15 years. Do you really think that in less than 1 year we can triple it? This becomes more unlikely the older and larger the network gets.”

Can we say that marginal cost of production is BTC fair price and market price in long term follows it? This might be another explanation of price pumps and following corrections. When market price is detached from fair value it must collaps. This detachment in bull run goes higher as financial markets liquidity is higher than commodity (ASIC) market liquidity.

Not sure if I get it right.