When I was mining in 2023 my accumulated cost per coin was well above spot for a stretch. The machines were running, the sats were coming in, but every time I looked at my average acquisition cost versus price I started feeling like something was wrong.

Nothing was wrong.

The network was fine. The thesis was fine. I was just letting a number on a spreadsheet narrate my decisions for me.

Your average acquisition cost is not a verdict on whether you made good decisions. It's not a scoreboard. It doesn't tell you anything about where Bitcoin is going or whether you should keep stacking.

It's just math about the past.

The miners didn't care what the price was. They just kept finding blocks. There's something in that worth copying. Keep stacking at whatever rate makes sense for your situation and stop asking the spreadsheet whether you're winning.

The number that matters isn't your average cost. It's whether you kept going when the number looked bad.