The obvious retort is that mining is competitive. If you are not taking advantage of cheap energy you are not a competitive miner. If you source your energy fro

The obvious retort is that mining is competitive. If you are not taking advantage of cheap energy you are not a competitive miner. If you source your energy from high demand locations like cities you will fail. The miners who profit will be the ones extracting energy from places where it is otherwise useless, or less in demand. Also, if miners started selling equipment to buy Bitcoin it would simply make mining more profitable to the point where the average miner would profit again. It's a basic equilibrium and the ominous "I don't think this ends well," has less direct connections the arguments in the piece than it does the author's disclosed financial interest in seeing mining companies fail. To be fair, it may be the case that mining is currently over allocated, but implying that the practice is going to totally collapse is about as hyperbolic as any NFT shilling crypto bro telling you his decentralized Pokemon card knock off is the epitome of finance type get-up this site is so apt to complain about.