They have already have access to energy and warehouses which is probably harder to source than miners. If they're prepaying for energy, they might be spending the energy to mine with GPUs for the time being too.

How do you mean that? ETH miners can't switch to BTC

Hopefully this is also having the effect of orange pilling ETH miners. 
Bullish :)

newnym

This is nice. Eth switching off pow have probably helped bitcoin miners expand in it's wake. Caus let's be honest eth hashrate was almost as high as btc