I think a lot is going into these gpus. But the point is, I assumed there would be resale value to the gpu’s, easing the costs of liquidations; mergers; and borrowing much like a house is. But it turns out they’re a far more quickly depreciating asset than i imagined, so the capital stock asset is likely a lot smaller than you’d imagine for being that companys primary tool.

Maybe houses isn’t the easiest analogy. Its as if a bus company’s, buses were being written off in half the time you’d expect. It decreases the capitalisation of the business. Or a woodworking company’s CNC wore out quicker than expected.

Its a minor point, but could become important in the recovery phase. As houses as long standing assets became important in a positive direction after the GFC.

*It also means cost per token is impacted