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Yes, more HW would be purchased.

There's much less embodied energy in $1 of chip (especially cutting edge HW where you are covering R&D) than in $1 of energy.

Also once hardware (access to capital much better distributed than access to huge quantities of discounted power) is purchased it's portable and condensed. Much better for decentralization.

For existing PoW hardware (even GPUs) it seems like proximity to the Chinese supply chain is more important than capital. I don't see why that would change.

For existing PoW, proximity to cheap energy is required before anything else.

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