Kruse’s argument is that as chip manufacturers (like TSMC) push semiconductor technology down to 2nm, 1nm, and sub-nanometer levels, they are running headfirst into Landauer’s Limit. Once chip manufacturing reaches the Landauer limit, miners can no longer make chips more energy-efficient by changing their architecture. So who ever controls the source of cheap energy wins, and that is nation states centralization an existential threat to Bitcoin. He is calling the 6 Bitcoiners frauds for not addressing this. But he is a fucking idiot. Regardless of how much energy you throw at Bitcoin, difficult adjustments will make sure you get a block every 10 minutes. Period.