Article
PEARL A major earnings test for miners: token price plunge and declining hash rate; some earn passively while others cut losses and exit PEARL After the public chain gained popularity through the PoUW narrative, its token price surged and then retreated, falling by more than 35%over days. Due to the lag between token-price movements and network-difficulty adjustments, miners' per-GPU earnings shrank and the network-wide hash rate declined accordingly, making later entrants prone to losses. The mining community has diverged: home miners with sunk hardware costs bear only electricity costs and can still be profitable; large-scale mining farms weigh the opportunity cost of mining against AI leasing and some have shifted to AI business. Miners on short-term cloud-computing leases, facing high rental costs, were the first to exit, while long-term lessees chose to hold on. The public chain also has multiple hidden risks: more than of hash rate is not performing genuine AI computation and is instead idle; daily token issuance creates selling pressure in the secondary market, while early unlocked tokens also pose latent risks; and a single mining pool accounts for nearly half of the hash rate, creating centralized security risks. Its future development depends on whether it can establish genuine AI inference demand, and it also underscores the need for participants to focus on their own cost thresholds.
Source: https://www.panewslab.com/zh/articles/01a19094-3a14-778f-9508-2a60cd74b8fa