The shutdown price indicator is becoming ineffective in this cycle! Just yesterday, another miner completely surrendered. The CEO of Bitfarms, a long-established publicly traded Bitcoin mining company in the US, announced in a conference call that the company would completely abandon its Bitcoin business, shut down all mining farms, sell all its Bitcoin holdings, and transform into an AI computing and data center provider. Previously, during every bear market, everyone paid attention to the shutdown price of miners. As a physical limit, once the price fell below this level, miners were doomed, and the market would reduce selling pressure from the supply side, thus truly reaching the bottom. However, the shutdown price is no longer as meaningful as it once it hits the bottom. Miners don't need to sit and wait for the price to fall; instead, they can withdraw early and transform into AI providers. Therefore, many miners choose to "shut down" early when the price is far above the shutdown price. So the good news is that the actual shutdown price of Bitcoin in this cycle is higher than the true shutdown price!

Correction: My brain was foggy when I wrote this tweet 😂 The change in the number of miners is unrelated to the amount of BTC mined. Reaching the shutdown price won't reduce selling pressure. So, only the shutdown price for miners will increase because they don't need to hold on and can find other ways to exit the market. However, the amount of BTC mined remains unchanged.