According to the CEO and co-founder of DMND Pool, Alejandro de la Torre, they remain relevant, although with a more mature focus. For institutional miners, the halving of #Bitcoin acts as a supply shock that imposes natural selection, forcing the upgrade of fleets and optimizing costs.

This pattern, according to De la Torre, is divided into three phases: a post-halving purge, where operators with high costs and obsolete equipment exit the market; a consolidation phase, with more efficient networks in terms of joules per terahash; and an expansion phase, where the survivors reinvest.