You're trying hard to not get it!

Electricity is the most important thing because with basically zero cost you can stay in the game till everyone else collapses. You don't pay for the electricity as you're in some kind of program where you have excess capacity that you can't feed into the grid, you have the generator but you don't have a next-door consumer as your biggest one has moved away or something else, then you don't really give a damn if it goes to 5k!

It's a matter of survivability, Bitcoin can go now back to 40k and you will still see miners losing money as more farms with cheap running costs will push you out of the market. It easily can turn into a  situation where the same guys that were making profits at 20k could go bankrupt at 30k.

As for derivatives, yeah, how about no!