Third, miners with access to cheaper energy enjoy a tremendous advantage. If energy is 70% of your cost and you can find a 50% savings in energy, you’ve just cut costs by 35% making a dramatic increase in margins. Other business advantages matter too – firmware, cooling, taxes, staffing, access to capital, uptime, etc. – but the 800-pound gorilla is your electricity bill. If you have a significant disadvantage in a cost that accounts for 70% of your expenses, then regardless of your other advantages, your business is on the chopping block; the cheapest energy reserves will be tapped somewhere in the world until you raise the white flag and auction your assets.