Many have mined at a loss, contingent upon current hashpower, energy inputs, and BTC price, or more accurately, their economy of scale. The access to capital thing (and at what %) playing a big role. Governments don't have these constraints. It's difficult for me to believe that Oman, Russia, etc, are building out mining facilities to capture 6.25 BTC per day with 1% of hashpower. The value isn't there this late in BTC's issuance, even with BTC at $5M per coin, but it is there with censorship resistance of however many billions (trillions eventually) they can fit inside a single block. Too, there's no way any viable tax haven doesn't mine in a cashless world where the on/off ramps are surveilled via CBDCs. Just trying to think big here, bigger than inscriptions and sidechain crypto speculation.