I thought there weren’t that many people mining anymore, but it turns out posts about mining coins still get decent readership. Also, some interesting projects have started popping up recently, which feels a lot like the atmosphere after 9/15 in 2022.

Now we first need a strong whale to pump a leading project, and then the wealth effect will spill over to other projects.

Otherwise, just miners shilling each other will lead to dumps and zero out—no project can survive.

Especially now that the big mining whales are mostly in China and Russia. These people only sell, never hold or actively make markets. After all, these two groups basically control the world’s most advantageous energy resources and equipment supply chains. If they can mine and sell for profit, why wouldn’t they sell?

Also, big mining whales now even inspect each other’s machine counts on site and form alliances to dominate. This has become even more professional—groups of people with thousands or hundreds of machines cooperate and divide labor. The old checks and balances between whales are gone. That’s the current state of PoW. As a small miner, you have to think it through for yourself.