Looking at ZEC's recent popularity, I suddenly remembered the madness of KAS in 2022. The套路 of the two incidents is almost identical, just with different protagonists. Now some people are still using calculators to estimate the daily output of Z15 mining machines, confidently claiming they can make 200 yuan a day. I almost couldn't hold back my laughter. Brother, do you know the price of this machine when it left the factory in 2020? The money now can buy ten of them.

Today, let's start from the historical patterns in the crypto world and analyze the underlying logic behind this kind of hype. Any coin relying on dedicated mining machines almost always follows the same套路: inflated output → machine price surge → coin price rise → retail investors buy in → capital withdraws → third-tier collapse. This is a typical "funding hype cycle."

How does the whole process work? First, by creating short-term high output to attract small retail investors' attention. Then, hype up the mining machine prices, creating a sense of scarcity and FOMO. Next, drive up the coin's price itself, attracting more latecomers to buy in. Finally, when retail investors start buying machines and stacking coins, the capital side quietly begins to withdraw. The end result is a simultaneous collapse of output, machine prices, and coin prices.

The most vivid example is right in front of us. The 2022 KAS craze—I still remember that madness vividly. The KA3 mining machine, initially costing tens of thousands, was pumped up to 300,000. A single machine could generate over 7,000 yuan per day, which directly stimulated a large number of people. Some even took loans or borrowed money to buy mining machines, thinking that as long as they held on for a few months, they could achieve financial freedom.

What about reality? In just one month, the output was cut in half. The machine prices plummeted. The mining machines that once cost 300,000 yuan could now be bought for 100 yuan, reduced to electronic waste. Some of the retail investors who rushed in either cut their losses or got margin called due to high leverage. Stories of losing everything have played out countless times in the crypto circle.

Now, looking at ZEC's market, it’s almost a replica of KAS. Same coin, same mining machines, same output figures, same hype. The only difference is that this time, the protagonist has changed to ZEC. If you’re still calculating the profit cycle of mining machines, maybe you should ask yourself one question first: will this time really be different? Will history repeat itself?

The charm of the crypto market lies in its unpredictability, but the规律s are often more brutal. Stay rational and stay away from those promises that seem too good to be true—because if it were really that easy, the wealthy would have been mining long ago.