I'll do a thread more on this tomorrow, but after doing the research for the article on crypto-asset valuations for @Onrampinvest, I think there's pretty good evidence-based approaches to (intrinsic) valuation of crypto-assets.
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Right, but if you accept that hashrates are a function of the prevailing market rate for power then to some extent power price factors into the model?
(this is complicated by the fact that xinjiang power market doesn't sell futures afaik)