Most of this study goes HAM predicting long term price trends of bitcoin with the hypothesis that mining bitcoin with surplus energy might make their state owned energy provider less of an economic hazard. The surplus energy numbers expressed in terms of S21s are interesting:
Assuming the excess electricity is utilized to operate the mining equipment, the number of miners that can operate on a monthly basis was calculated. In this study, the power transmission loss rate was assumed to be 3.59%, based on the 10-year average (2012–2021) reported by KEPCO. After accounting for this loss, the number of operational miners per month was calculated. On average, 30,565 miners can operate monthly over three years, with a maximum of 45,439 miners.
They don't attempt to estimate hashrate at all, which they admit is weakness of the model in the conclusion, but their projected profits should eat any error margin regardless:
Assuming the excess electricity is utilized to operate the mining equipment, the number of miners that can operate on a monthly basis was calculated. In this study, the power transmission loss rate was assumed to be 3.59%, based on the 10-year average (2012–2021) reported by KEPCO. After accounting for this loss, the number of operational miners per month was calculated. On average, 30,565 miners can operate monthly over three years, with a maximum of 45,439 miners.