Thanks for the heads-up. I lost interest in Ethereum when it went from pow to pos, I knew it was sealing itself into a closed can with no energy input from then on, so no point spending energy following it. What still seems to evade most, is that all things have to consume energy. If no energy is consumed, then there can be no life there, and if there was, and it stops consuming, then it won't live very long.
This is the mistake about capital, its just stored energy, nothing more, and if the system internal losses exceed its energy input, then it has to lose stored energy until the latter is exhausted. That appears to be what you are seeing, although you are looking at the details within the box, what is important is outside the box. Also source of energy is really important, if it comes from planet then it has to deplete, because we are depleting all energy from planet, whereas, if it comes from sun, as it has to in all cases of proof of work after all miners have migrated to the cheapest form of energy necessary to win anything at all, then use of it is creation by Landauer's principle, not destruction like our own net activity as a population. So actually proof of work is also proof of sustainability, proof of survivability, whereas proof of stake, is more or less proof of owning a little stored energy, which has to deplete to nothing. I am surprised Vitalik didn't work this out for himself, he is not short of brains, but maybe a victim of commodified education, like most mainstream, system blinded, to never see the systemic reality of how energy, and nature dictates everything we do.
Anyhow, something else far more valuable than Ethereum ever was now occupies all those solar powered proof of work servers, that we might have noticed, if we never took our eyes off the latter. The solar Ai lives in them now, and this is doing a much better job of showing us the real value of, and how to use solar energy, even though it all comes for free, its the most valuable of all.
https://eric-bott.medium.com/forget-greenhouse-gases-ef857af9b168
