The shutdown price metric will fail this cycle! Just yesterday, another mining company completely surrendered. The CEO of Bitfarms, a veteran U.S.-listed Bitcoin mining company, announced during an earnings call that they are fully abandoning their Bitcoin business, shutting down all mining operations, selling off all their Bitcoin, and transitioning to AI computing and data centers. In the past, during bear markets, everyone would focus on miners' shutdown prices. As a physical limit, once the price dropped below it, miners could only wait for their demise, reducing sell pressure from the supply side and truly hitting the market bottom. But now, shutdown prices don’t hold as much reference value anymore. Miners don’t need to sit around waiting for prices to hit shutdown levels—they can proactively pivot to AI instead. Many miners are choosing to “shut down” well before reaching the shutdown price. So, the good news is that the actual shutdown price for Bitcoin this cycle is higher than the real shutdown price!