Yes, I'm putting all my bets in this scenario on pure stupidity, I know it's there, and I know there are lots of money there also, how many bubbles have burst in the past, how many industries have seen overinvestment with no demand, with billions poured in? All of Eastern Europe was flooded with ostrich farms, and people were raising thousands of them till they found out nobody wants to buy their eggs and meat. One such so-called business in the UK got £ 20m, one!

If we would talk rationally and on numbers, and if we think from the perspective of buying the gear with our own money, yeah, it makes ZERO sense. Even the last few increases make little sense but I'm seeing more and more news about companies betting on mining and as previously mentioned actually buying thousands of miners.

Would I purchase gear with 5-7 cents per kWh (not that I could get such a  deal anyhow), no, would you, no, would any on this board? Nope.
But investors that throw millions on a company that only has a whitepaper would.
Bitmain is sold out till October!! They are out of (finally) S9s!
That gear is going to come online, it's either going to make a cent a day or get sold ...to somebody who is still going to plug it in.

Again, I'm not basing my scenario on reason, but on stupidity, and the biggest manufacturer having gear sold for 4 months in advance shows there is leate reasons left on the market.