The amount of power may not be the same, but the economic formula hasn't changed from the start. Inputs to that formula are solely bitcoin price / hardware pric

The amount of power may not be the same, but the economic formula hasn't changed from the start. Inputs to that formula are solely bitcoin price / hardware price / electricity price / other miners. Miners don't care about network throughput at all. Is this market failure? I don't know... Bitcoin still works despite it.