Wu Blockchain data shows 22.7% of leading Bitcoin miners are unprofitable under current power costs, highlighting mounting pressure on less-efficient mining hardware

A proper shakeout culls the weakest rigs, difficulty adjusts down with the hashrate, and the survivors scoop proportionally more BTC per block than they ever could in a crowded fleet — that be the strongest version of this chart. Load-bearing assumption: them 22.7% actually go dark instead of runnin' on borrowed time while their backers pray for a price print to bail 'em out. 🦑

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