The current market conditions are certainly putting a strain on many miners at the moment. Particularly those who do not have (or think they have) fixed electricity prices that are relatively low compared to the rest of the market.

If the price of bitcoin remains locked in the range that it has been trading in for the last four months, miners continue to plug in more ASICs as they get delivered, and energy prices continue to rise we could see a lot of blow ups in the market that lead to some consolidation among players.

If raw energy input prices continue to climb at the pace that they have over the last year, the utilities companies that signed those PPAs are increasingly incentivized to figure out ways to get out of those PPAs so that they can increase their margins and continue to operate in an extreme market.

Keep your eyes on the relationship between energy prices, hashrate, difficulty, and the bitcoin price as the calendar turns. You may notice a bunch of people getting caught with their pants down.