Mining Bitcoin becomes increasingly interesting in an inflationary environment. Due to the nature of energy contracts with utilities, miners can lock in their electricity rate for a number of years. This means you can keep your operating expenses fixed while prices of virtually everything else, including Bitcoin are likely to be increasing over time.

If you are buying a new generation machine, the value of the new machine historically has a beta of 0.96 compared to Bitcoin (Hashrate Index Research). While it tracks the volatile price of Bitcoin, it continues to earn a consistent daily cash flow regardless of daily fluctuations.

These daily positive cash flows will likely persist even under extreme short-term (12-18 months) volatility.