Great breakdown — as someone deeply involved in mining myself, I totally relate to this debate.

You're right: Bitcoin mining is more than just acquiring BTC — it's building infrastructure. It’s an active investment, and when done right, it often yields more BTC over time and comes with business-level benefits that simple HODLing doesn’t. A few points to strengthen your position:

Additional Arguments for Mining Over HODLing:

🔌 Energy Arbitrage Opportunities: Miners can exploit ultra-low or stranded energy, gaining BTC at a much lower cost than market price.

🛠️ Technological Edge: Being involved in mining keeps you plugged into hardware trends, firmware optimizations, and operational alpha.

💼 Enterprise-Grade Tax Strategy: HODLers can't expense electricity, depreciation, labor, or infrastructure — miners can.

🛡️ Anti-fragility: A diversified mining operation can adapt to network conditions (difficulty, halving, fees), unlike a passive wallet.

🤝 Ecosystem Role: Miners secure the network. That gives them influence, access, and exposure in ways a passive investor doesn't get.

That said, for fairness:

When HODLing Might Make More Sense:

🔐 Simplicity: For people without access to cheap power, hardware, or mining know-how, buying and cold-storing BTC is low-risk and effective.

📉 Bear Markets: Mining margins can go negative in extended downturns. HODLers aren’t exposed to operational losses.

💰 Liquidity: HODLers can instantly sell or trade their BTC. Miners must run infrastructure and wait for ROI.

Ultimately, it's about your edge. If your facility has the infrastructure, energy contracts, and technical know-how, mining turns Bitcoin into a productive asset. You’re not just investing — you're manufacturing BTC, which is powerful.

Appreciate the post and solid article — it’s good to see this discussed more clearly in the community. 👊