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whose electrical cost?
Texas?
Kazakhstan?
Russia?
Iceland?
Paraguay?
Home miners?
Public miners?
Efficient miners?
The guys stealing electricity?
because there isnt some magical universal
"BTC electricity cost"
Its an average
An estimate
A model
Not a law of physics
And the funniest part?
Price doesnt ask miners what their costs are
The market doesnt care
Oil traded below production costs
Natural gas traded below production