I don't see how electricity or regulation could make the price go up much. Electricity can only go to 0, it can't realistically go negative. It sounds like from

I don't see how electricity or regulation could make the price go up much. Electricity can only go to 0, it can't realistically go negative. It sounds like from the article, that hardware is a bigger cost than electricity. And if electricity goes significantly down, it'll go down for other miners as well, meaning they'll just get more competition over the same fixed amount of the bitcoin pie. The article points out that even if they mined all the unmined bitcoins at the same percent they're doing now, they still won't reach their market cap. So even if electricity is 0, they still can't make enough profit to hit their market cap. You're right though that this isn't a foolproof way to eliminate large risks. I'm very far from an expert in this area; I've never done any shorting or options trading.