This what happens because of the stupid financial policies in the west. They lower rates to near 0% causing massive credit expansion, then they print trillions of dollars which pumps crypto markets among other things, then people expand their mining operations en masse. But then the financial policies of the west reverses, suddenly credit contracts, crypto markets contracts and there is a wave of bankruptcies. Not only in crypto but the whole economy. And what for? What is this central planning good for?