Selling bitcoin to cover mining costs is opaque. You sell fiat to cover the electricity bill and get rewarded with harder money.
People who have to sell their bitcoin to cover mining costs are doing essentially two things: putting downward pressure on the price, thereby hurting their own bottom line; and, most likely, scaling their operations with debt, which makes the whole thing even worse.
You essentially become a dirty speculator who is simply hoping for NGU to squeeze out 3% net profit, until a sudden sell-off hits, you get margin called, and eventually end up broke or bankrupt.
That kind of “mining” looks a hell of a lot more like day trading. With leverage.
This is why I support the 1-year coinbase maturity extension. It basically says: if you want to mine, you must be willing to hold.
