XIV As you can see from the graph, miners are giving up their savings from 2019, coinciding with the so-called "race to the bottom".

Bitmain and its competitors, ASIC mining machine manufacturers, began to actively release new models to continuously increase their arithmetic power. In just two years, the devices have evolved from 20nm chips to 5nm, on the basis of independent research and development.

The growth in arithmetic power is reflected in a sevenfold increase in network arithmetic, which requires miners to increasingly invest in upgrading their equipment, resulting in fewer BTC additions. The drop in hash rate in April 2021 did not stop the waste. This is related to the Chinese authorities' decision to expel mines from mainland China, which will only increase relocation costs.

Miners Savings Analysis has long been used as an indicator of bullish trends for traders. Apparently, this tool has now lost its relevance.