The recent days in the mining industry have indeed been tough. The world's largest mining machine manufacturer has surprisingly started a price war, clearing inventory across an entire product line from the classic S19 series to the latest flagship S21 series. Industry insiders openly state—this is simply a desperate survival move forced by circumstances.

The numbers are staggering: the latest S21 immersive water-cooled miner has cut its hash rate cost by $7 directly. Some hardware packages have even been auctioned off, with miners setting their own prices—something unimaginable in the past. The key indicator, "hash price," has fallen to its lowest point in years, with daily earnings per T of hash power shrinking to around $35.

The Bitcoin halving in April 2024 dealt a fatal blow—block rewards were halved from 6.25 BTC to 3.125 BTC. Subsequently, BTC prices dropped from a high of $126,000 in October to $80,000 in November, leaving miners caught between reduced output and falling prices.

Currently, mining companies are desperately cutting costs and increasing efficiency. Switching to cheaper renewable energy sources and aggressively reducing electricity costs have become essential for survival. This industry reshuffle has already moved from淘汰 outdated capacity to a price war for top-tier new machines.

Giant players are all bleeding and selling off assets—are these the last signals of miners' survival, or the critical moment to lay out a bottom-fishing strategy? What’s your take?