Eventually miners who have not allocated their resources properly will be squeezed out. Margins on bitcoin mining will shrink to the point that you won't be making any money unless you have free electricity.

Core could very well be just the tip of the iceberg in miner capitulation.

Here's a Tweet that kicked off a Twitter thread regarding this development:

https://twitter.com/BlocksBridge_/status/1585583186825781250 [Nitter]

This what happens because of the stupid financial policies in the west. They lower rates to near 0% causing massive credit expansion, then they print trillions of dollars which pumps crypto markets among other things, then people expand their mining operations en masse. But then the financial policies of the west reverses, suddenly credit contracts, crypto markets contracts and there is a wave of bankruptcies. Not only in crypto but the whole economy. And what for? What is this central planning good for?

An archive of the article is here. An archive has no paywall, no subscription requirement, and can be easier to read.

Because this is a developing story, and an archive is only a snapshot of the article at a specific point in time, the archive may not have the most recent information from the article.

At this BTC price, difficulty, and power cost, miner capitulation is inevitable. It is just not sustainable.