I disagree. It is gear as well. Even at zero cent power (which is a fallacy - you have to pay for your solar panels) the ASICs produce painfully little revenue per invested dollar.
Of course when revenue is low you have to cut your variable costs. But it doesn't change the aspect that ASIC hardware currently just doesn't justify the investment.
no offense meant, but I know how to rent space per the foot, and every lot comes with a 50A 220V line.....
So power is very much a possibility when it comes to profitability.
Hardware purchase strategy plays a big part in the equation as well. ROI is a separate end objective depending on what type of strategy you use.
Another instance is where I live; I pay no extra for the power I use, so I make the best of it.