[throwaway123156]

The comment you were responding to was about electricity, which is clearly a highly linearly correlated marginal cost. I am not sure why you're bringing up average costs at all.

And the comment you replied to did not even mention the other marginal costs that Bitcoin faces (employee costs, land rental, networking costs, etc).

[slavik81]

I was restating what they were getting at in a way that could be easily traced back to widely studied economic theories. It was an elaboration, not a disagreement.