Not always some countries interest rates are below their inflation rates because they fixed to CPI or whatever the central bank of that company set as the benchmark, it would not reflect reality or m2 expansion 

Doesn't the interest rate match or exceed the inflation rate tho?

nerd2ninja

I wonder how the economics will play into miners favour in these countries where your fiat liablities in paying for energy keeps getting cheaper, could you just go hardcore on borrowing against your Bitcoin or ASICS because you know you paying it back with cheaper fiat and service your energy and operational costs that way while you wait for tops to sell some BTC to extend your runway