Now if Celsius refused to pay and proof of waste was actually profitable,
why not redirect those miners to mine BTC directly for Core Scientific and save their company from bankruptcy.
The reason is the electricity was worth more than the bitcoins generated, and no VC money to float the difference, that all folks.
Anyone need to declare bankruptcy , go into Proof of Waste mining and you will be bankrupt in no time.
you are proclaiming "all mining" yet using a case scenario of one mining farm example of a inefficient farm that was not business savvi
i fully agree greedy companies that demand too much from customers will lose customers. i agree dumb companies that are not business savvi will lose money.
but that does not make the whole industry non-profitable. it just means too many dummies in the babies basket where all you can hear is the crying due to the dummies that get lost
also carbon taxes.. well if you are located in a region that uses renewable then carbon taxes are your friend.. if you mine in a fossil power region. thats then not your friend.. but it helps out the markets
leg-end i know you adore PoS ethereum. but here is the thing. its value at underlying cost is only $50 now as admitted by ether influencers themselves "energy saving of 95%"
so their price is hanging up high in a speculative premium bubble due to arbitrage game play artificially holding it up.
wait for the pin to drop and burst that bubble.. and the correction to occur, you have been warned
Find me a grid that says they only supply you the renewable energy and sends all of that pesky 24x7 energy from coal & natural gas to everyone else.
i personally live in a nuclear power region... thank you, enjoy,
many mining pool locate themselves within 20 miles of a hydro or nuclear power plant and do deals with the power plant direct
(hobby miners using residential rate cant do those deals becasue they are bill payers that use billing agents, that are one step power from the producers)
Actually Ethereum energy savings after kicking out proof of waste is over 99.9% .

no its not.
if you calculate the validators at a 300w PSU of a normal PC . vs coins.
and compare that the the old PoW mining. its about 95%
there 99.95% WAS a projection thinking there would only be like a dozen validators
in short ethereum PoS was about $900 underlying cost value and now about $45 cost value if you add up all the asics vs validators respectively