Important update: 2026 is more likely to be about 'survival of the fittest + industry reshaping' rather than 'collective bankruptcy.' Mining companies with AI contracts or low costs are likely to do well, maybe even expand against the trend; those that haven't transformed, are heavily in debt, or rely on outdated equipment will face real bankruptcy pressure. However, the overall situation might not see a chain-reaction collapse like in 2022. The mining industry is shifting from 'purely betting on BTC' to becoming 'infrastructure service providers.' Will share more updates later.