Woken up by the news at three in the morning, Lao Wang sent a photo – the mining farm that used to roar 24 hours a day is now empty, with only the four big characters "Store the Future" still glowing on the wall. "This time, we really can't go on anymore." This is the first time he has said such a thing in his three years in the industry.

In the past month, the FIL network has directly run 537 miners. However, I noticed a strange thing: nearly 40% of the people who withdrew are secretly exploring a new direction called GAIB. Why are those who understand machines the best suddenly turning to play with something completely different?

Old Wang presented me with a bunch of numbers: now every T of computing power can mine 0.0012 FIL per day, and his 512T machine, when fully utilized, has a daily income of 0.6 coins, which is only about 1.2 dollars. But what about the electricity cost? It burns 4.8 dollars a day. He joked that selling electricity directly is more profitable than mining.

However, what is truly disheartening is not just the paper losses. I later spoke with 17 miners who had exited, and found that what everyone feared was not the drop in coin prices: 72% felt that there was something off about storage demand, 85% believed that the entire economic model was flawed, and almost everyone said they would never touch projects that are solely supported by incentives again.

Interestingly, these people did not leave the circle after quitting the mining.