Thanks for reading. I wonder how much is really about that. For sure it will be more and more relevant as the knowledge and tools become more easily available, and as the electricity prices go up and up.

But I believe a big part of it is also because new ASICs are much more efficient so the miners that wants to stay competitive switch to much higher hashrate with the same amount if electricity, and selling tons of older miners for cheap so people with innovations/cheap electricity can run the old asics as well.

The new asics are pretty much around break even profitability around BTC=21K$ in many countries. I know I mine for a small loss but I dont mind because there are benefits for it and if it goes to 23k it seems like profit all of a sudden, in fiat terms.