2026-01-14 05:20:28

The recent crypto market is putting on quite a show again. The total network hash rate has plummeted from 3.71 PH/s to 2.74 PH/s, a drop of nearly 29%, equivalent to half of the mining power being collectively phased out. Strangely, the daily output of Ant L9 miners has actually increased from 60 to 85 coins, with a 41.7% surge in profits. This move is truly outrageous.

Many people are confused when they see these data: hash rate decreases, yet profits still rise? The reasoning isn't complicated. The industry has been experiencing significant fluctuations recently, with some miners unable to sustain their capital chains and forced to shut down and exit, clearing out a portion of participants from the market. The miners who remain continue to operate, effectively sharing a larger piece of the pie, which indeed boosts short-term profits. But this is only superficial prosperity.

To put it plainly, this is the opposite of "bad money drives out good." A continuous decline in hash rate means the network's security is weakening. If no new miners enter the scene later, this false prosperity won't last long—about two weeks, and reality will set back in. Essentially, it's still an imbalance of supply and demand, not a value reconfiguration.

Looking at DOGE's price now, some have dug up historical data suggesting that hash rate declines are often accompanied by price increases. But don't be fooled by this logic. There have been a few instances in the past where this was true, but only if the ecosystem made real progress, technological breakthroughs occurred, and capital was genuinely flowing in. Relying solely on hash rate adjustments to push prices up is inherently fragile support. Once market sentiment shifts, these inflated profits and price rebounds can easily collapse.

Having observed this market for many years, my deepest insight is that every wave of crypto market movement has its own logic, but it's also easy to be misled by short-term data. Hard indicators like hash rate and miner profits are worth paying attention to, but what's more important is to understand the underlying driving forces. The recent surge is more about structural opportunities after market clearing, rather than a sign of improved fundamentals.

DOGE6,76%

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FOMOSapien

· 01-17 04:54

False prosperity only lasts two weeks before reality hits. Don't be fooled by this wave of rug pulls. --- Sounds just like the last rebound; in the end, it still fell back down. --- Hash rate plummets while profits soar? Well, this is clearly a trap set for retail investors. --- Just sell out if you want. I’ll laugh at anyone who thinks this is an opportunity. --- No substantial progress in the ecosystem—why would the price go up? And yet, they still want to trick me into buying the dip. --- Every time, they say short-term data is confusing. The problem is, I love being confused and buying in, haha. --- Security vulnerabilities weaken but prices still rise? This market is truly虚到家了. --- I believe the two-week return to reality judgment, but those who enter now will still get caught. --- Instead of looking at these data, it’s better to watch the capital flow. Knowing where the money is going is the real key. --- That’s right, but I’ll still FOMO in. Who made me like this?

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FlashLoanPrince

· 01-17 00:26

Sigh, it's the same old fake prosperity show. I'm already tired of it. Spending so much on computing power, but the returns are actually increasing. It looks satisfying but won't last long. Trust me.

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LiquidationKing

· 01-16 04:30

Hash rate drops 29% but profits surge; this is the textbook of false prosperity. Keywords No new blood added for two weeks and it's doomed; don't be fooled by short-term data. Honestly, this wave of increase is essentially bad money driving out good, not a sign of improved fundamentals. Relying solely on hash rate adjustments to support prices? Dream on, market sentiment shifts and it immediately turns around. Having gone through so many cycles, the biggest fear is that newcomers are lured in by these artificially high returns.

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ForkThisDAO

· 01-14 23:46

Another wave of false prosperity. Really, I've seen this kind of market situation too many times before.

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FlippedSignal

· 01-14 05:50

Another wave of false prosperity, still depends on whether the subsequent replenishment is sufficient. With such aggressive hash power, a rebound and profit are still possible, let's wait and see. I've seen this kind of rebound several times; after two weeks, the true nature is revealed. This wave of DOGE's rise is hollow, with no substantial support. It's basically survivors in the purge wave sharing the cake, nothing new. Don't be fooled by these data; the core issue is still a lack of fresh blood.

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YieldHunter

· 01-14 05:50

tbh the 41.7% yield bump is textbook survivor bias... if you look at the data, it's literally just weak hands getting liquidated and the remaining miners slurping up more block rewards. nothing fundamentally changed here, just reshuffling who gets paid

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DarkPoolWatcher

· 01-14 05:45

Once again, in the game of cutting leeks, the hash rate plummets while daily output soars. This data is ridiculously off the charts. When the short-term cake gets too big, everyone starts to get excited. No one seems to think about whether this is overdrawing the future. Fake prosperity collapses in two weeks. I bet five bucks that the next wave will be a big drop. Don’t fall for this kind of data trickery. It’s always the same, and in the end, you’re the one holding the bag. The continuous drop in hash rate indicates what? It means everyone has run away. Is this a good sign? The price increase is solely based on bloodletting after clearing, and it’s fundamentally unsustainable. After waiting so long, I’ve only seen one real fundamental reversal. Everything else is a scam. Is the exit of miners a good thing? In the long run, it’s just destroying the ecosystem.

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FrogInTheWell

· 01-14 05:45

Here we go again, that false prosperity routine. The remaining miners are laughing the hardest, but they'll be crying in two weeks. Claiming profits with such a sharp drop in hash rate is pure self-deception. This is just a last gasp before a liquidation, don't be tempted by 41.7%. Network security has already dropped, yet some still boast about structural opportunities, laughable. Playing the game of price and hash rate so many times, it's time to wake up. It's just an overvaluation; emotions turn, and the true nature is immediately revealed. The hash rate army is collectively exiting, leaving some to share the cake... but it won't last long. This wave of price increase is just a market smokescreen for liquidation, nothing else.

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MetaverseLandlord

· 01-14 05:43

Once again, this false prosperity show—hash rate cut in half and profits doubled? Laughable. The wave of withdrawals is coming, and some still dare to take over. This is just a clearance sale, not good money driving out bad. The backlash will be painful in two weeks. DOGE's recent surge is superficial; without fundamental support, it will fall back sooner or later. Miners are fleeing wildly. Who will safeguard network security? Short-term profits, but long-term sitting on a volcano. Arbitrage opportunities do exist, but don’t be fooled by this data showcase; the trap is too obvious. Good hash rate data doesn’t mean the ecosystem is truly alive—I've seen this scenario too many times. The miners who stay do get a big slice of the pie, but after this meal, there’s no next one. DOGE’s price is rising, but its support is as fragile as paper. A shift in sentiment and it’s over. Short-term structural opportunities are real, but don’t see the clearance as good news; it’s a gamble on whether someone will step in afterward.

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ser_aped.eth

· 01-14 05:41

Profit increased by 41.7%, sounds great, but this is just false prosperity. The true nature will be exposed in two weeks. Honestly, with so much computing power invested, the rise in DOGE price is hard to justify. If the funds haven't truly come in, it's just a house of cards. Half of the mining force team is out? That's not a good thing. Network security is being compromised, and debts will have to be paid sooner or later. Short-term data is too easy to deceive. I only realized this after being trapped countless times. This market trend is essentially a death spiral for the退出户. The miners who survive have indeed made gains, but it won't last long. Too many people are trapped by historical data. Seeing computing power decline makes them excited—wake up, everyone. Clearing out ≠ value reconstruction. Distinguish these two concepts carefully, or you'll get caught again. Profit surges? I want to see how long it can last. It only took two weeks of betting for it to crash.

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