13 sats \ 0 replies \ @mallardshead OP 15 Sep 2023 \ parent \ on: Fossil Fuels are Fiat Energy. Reorg of the mining space coming ⚒️ bitcoin
Then they'll go bankrupt, from either difficult energy contracts with bad curtailment guarantees, or by putting their faith in commodity prices they can't control, or hoping the political establishment doesn't give their competition subsidies, or having to shut down because of BTC's price volatility to the downside, which isn't something those with renewable infrastructure need to do because they'll make even more money as their competition idles. Miners already have access to reliable baseload sources and it's not enough to make money. Take CORZ which was the largest miner by hashpower in America that filed chapter 11 last year. I'd argue the records bitcoin is setting with network hashpower is in large part due to the illogical and unreliable sources you mentioned. Because those grids with big flexload are where hashpower is growing fastest globally. Even El Salvador's new 1.3 EH/s mining operation buildout is powered exclusively by a $1B renewable energy park.