Not many people talk about how cash-on-cash returns for the most efficient miners are still pretty good. Public miners like $IREN and $CLSK are minting $BTC for under $60K before depreciation and other non-cash expenses. Here, electricity + hosting + labor are the main cash costs. When energy costs are locked in and hardware is already deployed, miners with sub-20 J/TH fleets can generate positive operating cash flow even after the halving.