This matter cannot be said entirely in this way Why is the term "sunk cost" used in the "investment" aspect of the three share theory dividend plan, rather than the more familiar term "deposit" in the industry? The reason is that the role of sunk costs is to raise the expected threshold consensus of assets The mined coins, regardless of whether the mining cost directly enters the market (such as the need to buy coins for liquidity mining) or POW mining machines, do not affect the fact that the produced coins need to be thrown into the market. You correspond to the web2 world where foreign direct investment requires buying Vietnamese dong in US dollars, and ultimately the profits go to the parent company, which is the same principle of exchanging Vietnamese dong for US dollars. Just because of this, it cannot be said that mining is untenable The sunk cost of the gold standard has created a psychological expectation among the vast majority of participants, not only miners but also secondary investors, that the amortization of mining equipment costs is the "floor price" of this currency. If miners sell below this floor price, the floating loss will become 100% realized loss, and their mining tool is a mining machine. When they exit mining, they can only sell equipment to process residual value, which is lower (less liquidity) compared to the situation where the "mining machine" is in the local currency. Conversely, if the sunk cost is in the currency, it means that when they exit mining, they need to continue to concentrate on smashing the local currency, causing further decline in currency liquidity Therefore, the advantage of the sunk cost denominated in US dollars is that it can continuously increase the floor price of the coin over time, using cost constraints to prevent miners from selling at any lower price. Its problem is that it cannot directly lead to a growth flywheel (which must be actively managed by mining machine manufacturers), but it can also prevent the death spiral during a decline If you don't believe it, you can look back at Gamefi in 2021. The basic lifespan of local currency deposits is much shorter than that of ETH/BNB based deposits We can summarize as follows: -If a mining industry's basic market logic can accept slower ground pushing, then it should choose the gold price level to sink costs -If the basic market logic of a mining industry requires rapid FOMO volume, then local currency deposits must be used as sunk costs. Correspondingly, we must also accept the cost of a rapid death spiral