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Bitcoin price drives mining, not the other way around. If BTC price is driven by fundamentals, power cost isn't the driver. You could make a strong case that power pricing is driven by BTC in these areas tho.
I should've said both as a function of bitcoin prices and power prices
Hash rates are a function of both, but there's no reason BTC price should be a function of power price, except maybe in a black swan case where power prices are suddenly jacked up by a huge multiple and hash rates slow to a crawl.
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