This morning, I couldn't help but realize how much Bitcoin mining dynamics have shifted. Historically, miners had to sell their mined coins immediately just to cover power and operational expenses. Today, rig owners are increasingly paid upfront for their hashrate. Some might think hash buyers are doing this to dump on the market, but that's not what's happening here—these are high-conviction, long-term holders who genuinely believe in what they're doing. The key point is that miners get their expenses covered up front, and the buyers aren't selling a single sat. We're dealing with an entirely different dynamic than past cycles.