Bitcoin mining will always be a race on who can spend the most energy. No. It is a race on who can spend their energy the most efficiently. (in terms of hashes

Bitcoin mining will always be a race on who can spend the most energy. No. It is a race on who can spend their energy the most efficiently. (in terms of hashes per kWh). That's why old mining methods (CPU miner, GPU miner...) are obsoleted by new ones (ASICs). You can pump a Gigawatt into an old GPU mining rig and it will only cost you a lot of money. Pump the same Gigawatt into a modern ASIC rig and it might make you money.