I would think so, since if just regular mining at 49% of network is more profitable than any odd few tx you can forge/double spend at 51%, and it's not worth mining, then due to low unit value, then basically it's just trying to be even more inefficent than mining.

The only time it makes any twisted sort of sense, in that it doesn't just have you burning a million an hour in electricity for nothing, is when price is leading the difficulty by some huge amount, but in that situation, mining gear is probably at such a huge premium that your opportunity cost in not just selling the stuff has an accountant somewhere turning purple.