The energy - not the ASICs. At most energy of the large miners today, already unprofitable for bitcoin. That’s why they’re repurposing their sites to HPC.
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So they let the miners sit unused while mining is unprofitable? If so, that's annoyingly inefficient... Surely there's something a miner can do other than mine, during these periods..
Those miners represent a capital investment.
They could recoup some of that investment by selling the rigs.
I'd argue that ai compute & bitcoin mining incentives will constantly compete for energy usage & capital allocation.
What might not be sustainable today may be highly profitable in 3 months.