"It is completely unambiguously obvious to me that" the author is an intellectually lazy rube who recycles tired old arguments. Anyone who talks about "China-based" miners hasn't done their research on the actual hashrate distribution today. That's a talking point from like 2015.

What the author misses, and what many on HN miss, is that technical expertise does not translate into financial/economic expertise. You may grok Bitcoin on the CS level and still totally misunderstand the economics.