Conclusion: mining is getting more and more pointless and that is happening in furious pace!
Mining cost of Gold in 500 to 600/ounce
I know, this is well-known misleading argument. Actually mining BTC is MUCH MORE ineffective.
https://digiconomist.net/bitcoin-mining-more-polluting-than-gold-miningAND ADDITIONALLY: reward for mining gold is not dropping in exponential rate.
BTC most older mining farms have made significant profits and hopefully can sustain a period of reduced profitability.
It is expected that the new incumbents and potential new institutional entrants will push the price of BTC higher.
Even though there are no absolutes, if a miner has enough to carry the cost of running the operation,
it seems the bias would be toward maintaining a view that BTC is going to reach new record highs.