This is a good correction I think and should decentralize mining a bit, and neutral to positive for spot price. Hash rate falls from marginal miners, who are otherwise forced sellers of coins they mine, leaving block rewards to other miners who are not forced sellers.

I think it's a re-decentralization of mining a bit, as the number provenance coins decreases every block. Institutional accumulators pay a premium for uncirculated coins (subsidy) that can't come back as having "illicit" taint.

The arb on "stranded" energy has also largely been milked dry with AI datacenters hoovering up generator production.