GPU do depreciate indeed, but here the depreciating commodity is the token, not the hardware. You sell cheaper token with the same hardware

When everything is said and done it'll be datacenters in American competing with ones in China that have several times lower electricity prices. Token prices will drop to a level that will be unprofitable for American data centers and they will need to close.

Thats the main issue here.

Yep, that’s one source of pressure, for sure