The only new take here is that it calls this artificial demand. Instead of just demand. It doesn’t say it directly, but it is interspersed throughout: Basicall

The only new take here is that it calls this artificial demand. Instead of just demand. It doesn’t say it directly, but it is interspersed throughout: Basically because the author is researching price manipulation in cryptocurrency, and proof of work demand is correlated to price, that chip production demand is artificially inflated. The counterpoints are that 1) miners have a much lower cost of production than the cryptocurrency’s market price. Their selling and dilution is not enough to bring down the market price as new and recycled cryptocurrency supply becomes a lower and lower percentage of the existing supply. (Edit since rate limited: I didn't say or imply that was their selling had any point or purpose, only acknowledging it has little and decreasing effect on the market price) 2) Miners reinvest into newer hardware, and there is a predictable or computable time before they are able to. Euphoria in wanting to do this will be related to the market price but the market price isn't why they do it. It is only verrry recently that miners could attract outside capital as they became publicly traded and the crypto institutional investors got big enough to also offer lending. The crypto financing space is self grown over the last decade, with still very little buyin from outside institutions.