> The energy consumed on mining represents a an input cost based on an expected return on investment, like energy spent on car manufacturing, for example. if t

> The energy consumed on mining represents a an input cost based on an expected return on investment, like energy spent on car manufacturing, for example. if the return falls, so will input costs because no one operates at a loss for long. A significant number of operators in places like China are stealing electricity, either by tapping into wires or by making deals with corrupt local officials for reduced/free electricity. Articles such as these occur quite regularly. http://www.scmp.com/news/china/society/article/2143758/chinese-household-caught-stealing-electricity-power-its-home http://www.scmp.com/news/china/society/article/2143758/chine... https://www.ccn.com/chinese-police-seize-600-bitcoin-mining-computers-over-electricity-theft/ https://www.ccn.com/chinese-police-seize-600-bitcoin-mining-... http://www.scmp.com/news/china/society/article/2108486/four-accused-stealing-power-chinese-oil-company-generate-bitcoins http://www.scmp.com/news/china/society/article/2108486/four-... https://kyc360.com/article/bitcoin-causes-electricity-crisis-parts-china-fresh-crackdown-looms/ https://kyc360.com/article/bitcoin-causes-electricity-crisis... As such, there really isn't a "price floor" to crypto mining. Stolen electricity is free, they will keep mining no matter what.