The Bitcoin price !
They are all speaking about electricity costs and prices of hardware but never about the bitcoin price wich is the most important aspect.
With derivatives like options and futures you can make the bitcoin price stable or do your risk management and make a construction at your  bitcoin price break even point.
Last year when the price was less then 20k most of the miningfarms went bankruptcy, they did nothing at all to cover the bitcoin price.
Even small export companies are hedging their valuta risks. How strange is it that big miningsfarms dont do anything about hedging bitcoin prices !!