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> Lets agree that if the mining price goes up, it will be always cheaper than public cloud

I am confused. Let's say your price is $x while public cloud is $x+y. When cryptocurrency price rise the incentive is to increase your price to $x+y, if that is the profit point. In which case you will no longer be cheaper than public cloud. Any differences will be negligible. So, I am not sure you can claim to be always cheaper than public cloud.

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Following your notation, consider our new price will be $x+y', where y' is the mining price difference.

You are right my claim that y'<y is slightly weak (was based on "gap is not negligible" assumption, see below).

"gap is not negligible" - means if y' gets near to y, then y will get even higher and there will be always a market gap, which I think you disagree with.

Based on your suggestion, on extreme scenario I would soften my claim to y'=<y, without us making profit. :)

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