You misunderstood the vending machine analogy. The author argues that mining hardware is NOT like a vending machine, in terms of depreciation. Mining hardware b

You misunderstood the vending machine analogy. The author argues that mining hardware is NOT like a vending machine, in terms of depreciation. Mining hardware becomes less productive over its lifespan, whereas a vending machine stays about the same until its broken. The author argues that these companies are applying the traditional “vending machine” depreciation even though, as you pointed out, it does not apply. And that’s the entire crux of how they’re overvaluing themselves.