The miner group chat has recently exploded with activity. Amidst the rampant rumors of "massive miners fleeing," an entity called Shuntai suddenly surfaced—over the past nine months, they poured more than 30 million yuan into the industry, aggressively buying servers and hoarding tokens. This has left people baffled: everyone says the industry is in winter, so how does this guy still dare to do such things?

Currently, there are two parallel worlds in the industry. On one side, miners are unable to cover electricity and maintenance costs with their mining income and can only shut down and cut losses. Token prices continue to decline. On the other side, capital entities like Shuntai are pouring heavy funds in, continuously increasing their hardware and coin holdings. Who is right? Did Shuntai see an invisible future others can't see, or is it playing a huge "cost trap" gambling game?

Speaking of which, the fundamental conflict between these two groups is actually a conflict of time dimensions.

Small miners are engaged in short-term cash flow businesses. They need positive returns every week or month to cover electricity, labor, equipment depreciation, and even repay pledged coins. As long as the proceeds from mining can't cover these costs, they have no choice but to shut down—no room for negotiation. Their decision cycle is weekly or monthly, making them highly sensitive to price fluctuations. When prices drop, they immediately consider quitting.

Institutions like Shuntai operate under a different logic. The 14 million yuan spent on buying servers is already a sunk cost for them. They are not concerned with "whether they are making money now," but rather "whether they can make big profits over the entire project cycle in the future." Their decision cycle extends over several years, so short-term price fluctuations are not a problem. They have time to wait, and time means interest.