Anything you can convince yourself isn't losing money. I suppose that math can get very weird if countries factor in expected appreciation of crypto they plan

Anything you can convince yourself isn't losing money. I suppose that math can get very weird if countries factor in expected appreciation of crypto they plan to hold. And even weirder if they end up perceiving a geopolitical stake in maintaining a certain fraction of the global hash rate. When I mention the logic of money-launderers, I mean something more like https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to...