Many small and medium-sized mining farms can't secure large PPAs, and AI is fiercely competing for electricity. It's becoming increasingly difficult to secure long-term electricity at 4 cents, with no bargaining power at all. New substations generally take 5-7 years to build. This wave has wiped out many miners—it's a total bloodbath. Large mining farms are doing much better; they issue additional shares via ATM and then convert some rigs into Blackwell GB200s to rent out to AI companies, using the profits to sustain operations. They then use the funds raised to acquire machines and transformer quotas from bankrupt small mining farms in bulk. The mining industry truly reflects the production cost of BTC. At this stage, mining is less profitable than buying.