I think simple measure of energy consumption represents a better proxy for revenue, explicitly if mining becomes more decentralized. Profitability and electricity consumption are closely linked and measuring in USD, they are not.

I understand. The miners have lump sum agreements for kilowatts and all kinds of buying power that they would not easily disclose. I always think of the grocery business which operates on very thin margins. I believe new stores come in areas with loans and try to take away business from neglected ...