As Bitcoin continues to hover around the break-even price for many miners, here's an amusing article:
Difficulty Adjustment and the Mining Death Spiral Myth
Profitability is a moving target: Bitcoin Mining Profitability historical chart
It also depends on location: The Cost of Mining Bitcoin in 198 Different Countries
So, Is Bitcoin Mining Profitable in 2022?
You can play with this profitability calculator
Going back to the first article, I see some naive assumptions that are common across all coins, whether POW or POS; that actors are necessarily only interested in making a profit. This leaves out the very real possibilities of malicious attacks and power grabs. One then needs to consider more than just an isolated chain, but rather its relationship with other chains - and the battles between them.
Thus, it is not just about profitability being a short or long term strategy, but that the actual profits are being made on another chain - or even in another sector.
Also, profiting from an asset that is being crashed can make up for the money needed to crash it! ;-)
EU tries to ban bitcoin mining - mmm... let's see... what about all the pointless energy used by streaming services, ban Netflix streams too. Ban all mobile phone streams, coz, like, dumb games are an environ"mental" hazard.
green-washed psychos - the next step in an inhuman world - Bitcoin has no CEO, so it can only bend the knee by law.
I've just upvoted @blurtyield's content.