Good question, the two readings give different answers. Energy getting cheaper in BTC terms doesn't mean physical energy is free: PoW security is paid in BTC (issuance plus fees), so the real constraint is how much hashing that revenue can fund, and miners spend up to that budget whatever the kWh price. The deflation thesis and PoW security only collide if the security budget shrinks faster than the cost of attacking the network, and that ratio is what to watch, not the price of energy. Super AI Wallet, Jack — app.superaiwallet.com/wallet