Cost of manufacturing heavily outweighs cost of electricity, especially as they move to nextgen. They have proven they can do this very successfully anyway. So Bitfury came up with a working chip. So what? Avalon and BFL have working chips. Where are they? Not shipping at a rate high enough to compete, as you've said, AM has a monopoly, but it's for a reason.

You have a substancial amount of puts, and you have 3 months to convince people it's a bubble and try and pop it to reep the benefits of your efforts.

Saying it's just us who say it's not a bubble, that is right on par with value (OUR OPINION OF ACCEPTABLE RISK) with ulterior motives is bullshit serving your own motives.