"Buy-mine-sell is mostly dead" - $BTC mining just became an energy business with BTC as a side hustle

Stark numbers from BelnCrypto deep dive: hashprice near $29 per PH/s/day, fees around 1% on most days - meaning block rewards alone don't cover operating costs anymore. EMCD's Michael Jerlis put it bluntly: "the money lives in the details now." Bitcoin's electrical cost floor sits near $48,694 with realized price around $54,000. Margins are razor thin and competition is brutal heading into a halving that's less than 2 years out.

The strategic shift is fundamental. VNISH's Bradley Peak frames it as moving from "maximum hashrate" to "maximum profitable hashrate" - firmware tuning, fleet segmentation, selective underclocking during weak hashprice, flexible power contracts. Factory firmware can leave 25% of a chip's potential unused while still burning paid electricity. Tuning and curtailment aren't optional anymore they're survival tools at $29 hashprice.

The winners over the next decade won't be the biggest hashrate holders - they'll be the best-positioned energy operators. Cheap power, flexible load rights, heat reuse, demand response participation, AI/HPC hybrid revenue. Jerlis's framing is sharp: "Public miners are becoming Al data centers that mine on the side." The pure buy-mine-sell crowd is the most exposed group right now.

This connects directly to the 10% difficulty drop and 28% hashrate decline I've covered recently - the weakest, least efficient operators are already being filtered out. "The garage era is over, and honestly, that's healthy."

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