yet miners are adding gear. for more hash.

one could argue they are doing it due to price.

but the angles are complex.

a s21 burns 85 kwatts    200 hash $4.25 power cost  $ 11.00 mined


a s21xp burns 85 kwatts 270 hash $4.25 power cost  $14.85 mined

so same power you earn $3.85 more

you are big mine and you got a ton of s21s jan 2024

they cost more used  today then they cost new last year.

so you dump them and have the profits on the sale of them and you get those s21xps.

so a big company can go from 2 eh to 2.7 eh same infrastructure and not big cost for the upgrade.