Recently, the Filecoin ecosystem has reported the collective withdrawal of 6 miners. This is not an isolated phenomenon but an inevitable result of the collapse of the entire mining economic model.

Let's first look at the real accounts of miners. The daily expenses of a standard mining rig: $50 on electricity, $20 on maintenance costs, plus the opportunity cost of staked assets, require mining at least 70 FIL worth of value daily to break even. However, under current market conditions, many miners' daily earnings are only 30-40 FIL, equivalent to losing about $30 each day. When calculated, no miner can sustain this for long.

The chain reaction triggered by miners fleeing is even more severe. Hashrate has dropped from its peak to 19.3 EiB, and the network processing capacity is severely impaired. Lower hashrate means slower transaction speeds and greater security risks, causing the stability of infrastructure to begin to shake. Once this vicious cycle starts, it is difficult to reverse.

Interestingly, there are voices in the market encouraging bottom-fishing and building positions. But it’s important to understand: this is not just a simple price bottom issue, but a problem with the economic sustainability of the entire ecosystem. When miners cannot even cover their basic living costs, any talk of value valleys becomes pale in comparison.