If I had a negative view of the future price for BTC then I would be OK leasing out my rigs for less than the amount I could earn from mining myself.
That assumes, of course, that the person to whom I'm leasing is still going to pay me even though he is losing money when the price of BTC falls.
As Lessor I could have 2 months of security deposit so that covers me against the Lessee walking away when prices go down the dumper. But after the 2 months I'd be stuck with mining equipment and a potentially depressed BTC price.
So, it still could make sense for me to put the BTC risk on someone else by leasing out my rigs for less than they my be earning for me at today's price.
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