from the link:

The good news is that fortunes are made in irrational markets, not rational ones. Armed with good information, one might succeed as buyer or a seller. In the land of the blind, the man with one eye is king. It is very likely that the winners in this game are those who 1) earn enough Bitcoin outside of mining to hold in reserves; and 2) can effectively deploy their Bitcoin to ongoingly lower their fixed USD costs, for this seems to be the only real path to rational mining returns. In future analyses, I’ll explore strategies where miners can leverage their Bitcoin reserves to reduce operational costs, potentially transforming the economics of mining. Stay tuned.