I ultimately think this is where the majority of hash rate ends in the coming years, where heat is the primary output and the mining fees are just a rebate on otherwise fixed costs.

The institutionalized mining is unsustainable, they're already pivoting to AI in many cases, the arb has largely come out of stranded energy, and each halving reduces the yield of provenance coins that institutional investors pay a premium for (no potential link to "illicit" activity)

This will be good for decentralization, and hopefully mitigates some of the risk of mining incentives changes should covenants manage to get rammed through.