Today and in the near future we don't need that though.
Another one might argue we neither need 519.6 EH/s and that we would be fine with *just* 10 EH/s.Lets look at the hashrate chart, to add some evidence to my arguments before.
The following is the 30-day average hashrate over the past 3 years and the position where I placed the curser at is the time when we reached ATH of about $70k in 2021 and also it is the start of the bear market where price continues falling down to about $15k for about a year.
It is clear that the hashrate has been constantly rising despite the massive drop in price. Even before the reversal starts and we go back above $20k, hashrate has almost doubled!
You can not argue about miners revenue when the price has gotten dumped so much while hashrate has more than tripled in the same period!
If miners were so desperate for revenue, hashrate would have at best stayed the same instead of massively rising.