But that doesn't consider the actual dynamic between the miners - who are also speculators, mining difficulty, and the price of Bitcoin. Those parts are constantly moving that lead to whether a miner adds more hashing power, or reduces hashing power. That's the current reality. Running some of their hashing power for A.I. systems "may" become part of the rotation, but saying that Hashing as a Sybil Protection Mechanism is a "thing of the past" is simply wrong. It's the future.
There is no mysterious dynamic here, lower income less hashrate, that's it!
Q2 has ended and you can see that despite newer models replacing older with better ths/joules we have still gone down 5%.
Have the coin drop to 50k and you will see how much miners care about dynamic as they shut down!
Also, miners don't protect against a Sybill type attacks, that's what nodes do!
I never posted anything about the dynamic being "mysterious", but there is a dynamic. Miners are speculators too, and because common sense tells every miner that higher difficulty = less profit - and therefore an increasing number of miners will be shutting off their ASICs, then other miners could see that as an opportunity.
Plus Bitcoin's price projection.