Yes exactly, the main point was that it is surprising that the hash rate continues to make new highs while prices continue to make lower lows.
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Yes exactly, the main point was that it is surprising that the hash rate continues to make new highs while prices continue to make lower lows.
The miners had already committed their investment. They have no other avenue to use their resources. So now they are cutting their losses by mining at losses. And so my argument that additional mining power will not be deployed for some time resulting in reduced growth of hash rate.
This is a good point. Some of these large scale miners took months or even years to get setup like they are right now, which means they mine whether prices fall or fly.