Two identical machines, plugged into two different grids, are not the same business. One compounds; the other slowly liquidates itself into the meter.

Geography sets the terms before any operational decision is made. Rainfall determines reservoir levels, reservoir levels determine spot prices, spot prices determine which hardware generations stay economic. Latitude determines cooling overhead. A regulator's posture determines whether a build has a ten-year horizon or a two-year one. None of these variables are visible on a balance sheet until they have already decided the outcome.

“Hashprice is the same everywhere on earth. Everything else that matters is local.”

This is why the map matters more than the machine. The competitive question is not which rig you buy — those are broadly available to everyone — but which grid the electrons come from, on what contract, under which climate, and with how much room to grow.