(Likewise I suspect the weed is the cheapest part of a grow operation.)
Still significantly cheaper than setting up a mining farm with hundreds of legally obtained GPUs.
Several of these companies are publicly traded its really not that hard to get done.
Once you move past the Internet forums debating the existence of this market, try actually research this market its very fast paced and robust.
Its not distinguishable, even for liability purposes and nobody cares, the battle for network control and resource share is far bigger than the worrying about this. I doubt people are going to try to register these gpus and be like “ruh roh this one didnt register”
It’s not going to the moon hard, but waaaaaaay harder than reselling it on Craigslist. And requires significant capital investment.