Many small and medium-sized mining farms cannot obtain large PPA contracts, and AI is severely competing for electricity. It is very difficult to secure electricity at 4 cents for the long term, and there is no bargaining power. New substations generally take 5-7 years to complete. Many miners have gone bankrupt during this wave, and the situation is extremely brutal. Large mining farms are much better off; they issue more stocks via ATM and then modify some of their rigs to rent out as Blackwell GB200 to AI companies, using the profits to sustain themselves. They then take the money raised and buy up machines and transformer quotas from bankrupt small mining farms. Mining truly reflects the production cost of BTC; at this stage, it's better to buy than to mine.