That statement is useless without a hashing efficiency. Pays the power cost on what miner? Folks were mining on S5s during this bubble.
My bad. S9. Is there any more efficient currently?
Not really, but there's a whole lot that's less efficient. How much of the network would disappear if the only thing profitable to run was the absolute most efficient gear?
Problem is that if you take off the little guys, you have to take off 3 S7 for every S9....and so on for the smaller miners.