Break-even is a distribution, not a single number
Power contracts, ASIC generation, cooling, and uptime vary wildly. Public miners disclose averages; your uncle’s hosting deal is different. Model ranges, not spurious precision.
Fees as the swing factor
As subsidies shrink, fee revenue matters more during congestion. Ordinals/Runes-style demand can change fee markets — which helps miners but annoys users bidding for blockspace.
Pool concentration
See pool share analysis for why “decentralisation” debates often hinge on how you count hashrate attribution.
Mining equities ≠ spot BTC. Different leverage, different risks.