Not good. Losing your BTC stack more than halfway into the cycle is ☠️. Equipment theta, secondary market opportunities for equipment, competition... 

The only thing a shareholder would have to look forward to is massive dilution on top of more debt to finance what exactly? A 3.125 BTC block reward soon? Unfavorable energy contracts? Bullshit. That stack was critical to hold onto, and frankly was the only thing that made Corz relevant even with their outsized hashpower. They should've went into the next halving with a 20,000 BTC stack on their balance sheet. 

tenderscore

home miners will emerge more resilient than massive miners.  sell on the way up and hodl on the way down.  

the fact that this was not obvious to these big players means that they are NOT "smart money"