Yeah I think mining will continue to distribute to the edges of wasted/stranded energy. Pioneer species type stuff a la @bquittem. There’s also a generation and infrastructure optimization angle to provide non-firm load as a resource which may keep some mining in a location as a grid resource. So regarding big miners I think they’re going to survive, but largely pivot to AI compute. LLM training data centers are breaking the mold and figuring it out in real time, just like miners did in 2016-2019 during the industrialization of mining. I think there’s opportunity either to execute or be acquired. Interesting times! Cheers mate - hope you’re well! Gotta link up soon

Pool or physical infrastructure? Pool is closest to centralized - but has little switching costs. Mining infrastructure distribution is already fairly geographically distributed. AI compute will increase decentralization as mega farm hash moves away from the US imo.