Mining operators largely operate through debt, so the consistency of payout so they can service their debt is more important than the actual profit in many cases. After all, a missed payment means death. They are, in other words, fiat operators.
Many of them frankly need to die and new businesses that operate from savings can take advantage of Ocean's better payout system.
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The other aspect, is if the true zombies were to be wiped out, this may reduce the price of some chips to some of the other operators trying to integrate hashing into heating elements for example, it may bring the cost down, and therefore decentralize the mining further.
I have been looking at some heaters, but can still not justify the cost.
Can confirm. Revenue is more important than profit to some of these miners.
While managing a mine in ERCOT, I’ve been told before to turn off all curtailment functionality in the pursuit of “revenue.” Regardless of grid emergency response needs or prices as high as $5000/MWh -debt needs to be serviced so the [half-baked, poorly executed] show can go on.
Off topic question: what laptop are you using? I’m in the market for a new one.