[nyolfen]

miners pay energy bills, ergo seek out cheap energy. the cheapest energy is usually hydro. the efficiency directly impacts their bottom line.

[lwansbrough]

Miners make a profit, otherwise they wouldn’t do it. If you can suddenly double your hash rate without changing your power consumption there’s no reason why you wouldn’t do that. You’re incentivized to maintain or grow your power consumption to make more or the same amount of crypto per kWh.