Less miners => higher reward per hash

What I worry about though: who is buying their miners?

I love the smell of capitulation in the morning

It’s the ultimate stress test for their conviction. Everyone is a 'hardcore bitcoiner' when the price is pumping, but as soon as the margins shrink, they chase the next shiny object. AI is just the current exit liquidity for companies with weak hands. If they can't handle the halving cycles, they were never really in it for the right reasons anyway

Maybe a dumb question but AI won't run on bitcoin ASCIs to my knowledge. So these companies are selling their machines and buying new hardware? That's no joke and seems very capital intensive. They must have data centers and power agreements. Must be bleeding money to make that kind of shift.

So either they don't have conviction or didn't have reserves to weather the bear market. Happens every cycle. You'd think people would learn. Staying humble isn't easy I guess.