Yeah, to distill what you're saying (lmk if I'm still misunderstanding), GWei is ETH, but looking at it relative to USD (or whatever fiat) is wrong. That's wher

Yeah, to distill what you're saying (lmk if I'm still misunderstanding), GWei is ETH, but looking at it relative to USD (or whatever fiat) is wrong. That's where I disagree, because electricity and equipment is denominated in fiat, and the whole system is an electricity/equipment (in fiat) -> ETH conversion system, so the relative price of ETH to fiat is beyond relevant, it's the whole idea. No one would do this if ETH were worth less than the fiat needed to make it (promise of future worth aside). And yeah, I do think probably most people still think in fiat, so if you kind of elide all of the ETH/GWei steps and say: > Hey, buy a mining rig for $2k, you'll make $60/day after electricity costs, you'll make your investment back in a month and after that it's pure profit That's all people care about, and rightly so. If, on the other hand you say: > Hey, buy a mining rig for $2k, you'll lose $10/day after electricity costs... that's it That's not super appetizing right. And the only way the system makes fiat is if ETH is worth fiat. You can't abstract it out of the system, it's the only reason the system is relevant at all.