You would have to show me an ASIC that preforms 10x better than a s19 or a s21. These newer machines may be 10-20x better than an s9 but the s9 came out in 2015ish.
Even if miners are just upgrading hardware it’s significant CapEx. Not to mention the cost of electricity is constantly going up to the right.
I would argue that hashrate is one of the most important metrics when it comes to price, the hashrate plus the cost of electricity is Bitcoin’s production price. The more it cost to create something in general the more it tends to be worth.
