Cool! So practically, a state can mine bitcoin but it may be not cost efficient and little plebs like me could still get a piece of the reward pie but much less frequently.

Hashrate is the power of all miners combined so states becomes smaller and smaller entities in the overall pools

Also, halvings probably will increase the cost of bitcoin due to the need to consume same or bigger amount of energy to accumulate half of the botcoins

Did I understand correctly?

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Yes, exactly! There is a lot of nuance in all of this, but overall you got it!

Your explanation was superb, thanks for taking your time to elaborate!

🫂

Thank you! ☺️