Third, miners with access to cheaper energy enjoy a tremendous advantage. If energy is 70% of your cost and you can find a 50% savings on energy, you’ve just cut expenses by 35% making for a dramatic increase in margins. Other business advantages matter too – firmware, cooling, taxes, personnel, access to capital, uptime, etc. – but the 800-pound gorilla is your electricity bill. If you have a significant disadvantage on a cost that accounts for 70% of your expenses, then no matter your other advantages, your business is on the chopping block; cheaper energy reserves will be tapped somewhere in the world until you hoist the white flag and auction off your assets.