After the big dump of Bitcoin, are miners still having a good time?

In the past two months, miners' 7-day average income has decreased by 35% from $60 million to $40 million. With the current Bitcoin price below $90,000, miners are in distress. This article is sourced from a piece written by Deep Tide TechFlow, organized, translated, and authored by Dongqu. (Background: The market is complaining about CZ, and people have started to miss SBF.) (Supplementary background: SBF: FTX was never bankrupt! Customers could have withdrawn their assets in full, but it was trampled into a $130 billion disaster.) The blockchain newcomer MegaETH was originally scheduled to raise an additional $1 billion through private sales and public offerings in November, but it was urgently halted less than a day after the official launch. KYC congestion and accidental activation of on-chain multisignature triggers two consecutive errors, causing the funding gate to lose control instantly. This technical accident highlights the gap between capital influx and weak infrastructure. The financing wave first broke the KYC defense line. On October 27, the token auction was oversubscribed by 28 times, indicating high market demand for MegaETH. As November officially began fundraising, investors flooded into the verification page, generating a large number of refresh requests in just a few minutes. The KYC server, due to incorrect rate limit settings, could not distinguish between bots and real users, leading to a failure in the verification process and a large number of unauthorized connections passing through. The accidental activation of multisignature opened the vault. More fatal than KYC was the on-chain configuration. Originally set with a deposit limit of $250 million, the multisignature contract was prematurely executed due to internal processes, effectively removing the last line of defense. Funds accumulated to $500 million in a short period, far exceeding expectations. After discovering the anomaly, the project party could only manually close the entrance and announce the suspension of activities. According to news reports from Phemex, as soon as the fundraising termination news broke, the community expressed concerns about fund security. The gap between TPS promises and operational reality. The MegaETH White Paper outlines a vision of 100,000 transactions per second (100k TPS), and received endorsements from Vitalik Buterin and Joe Lubin. In reality, verification requests that were far below mainnet-level load caused a breakdown on the front line. Community developer AzFlin pointed out that the errors could have been avoided through strict processes and stress testing. Competitor Aztec recently completed a decentralized mainnet launch, further highlighting MegaETH's shortcomings. Trust fractures are harder to repair than code. The project party promptly issued an apology statement, emphasizing fund security. “Assets have never faced risk, but that doesn't matter; we hold ourselves to a higher standard, with no excuses.” Investors' funds will be fully refunded, and a corrective plan is being developed. Although technical issues can be resolved through revisions, the trust gap will take longer to fill. In the blockchain world of “code is law,” once the execution mechanism fails, no grand TPS narrative can fully convince the market. MegaETH's Waterloo draws a warning line for the flooded crypto market in 2025: before gazing at the stars, pave the road first. <After the Bitcoin big dump, is it still okay for miners?> This article was first published in Dongqu BlockTempo, the most influential blockchain news media.