Important Update: 2026 is more likely to see "survival of the fittest + industry restructuring" rather than "mass bankruptcy." Mining companies with AI contracts or low costs are likely to thrive, or even expand against the trend; those that haven't transformed, are heavily indebted, or have outdated equipment face real bankruptcy pressure, but the overall situation is unlikely to experience a catastrophic chain reaction like in 2022. The mining industry is shifting from "purely gambling on BTC" to becoming an "infrastructure service provider." Further updates may follow.