A 34% drop in Bitcoin's network hash rate since October 2025 is not a market signal about Bitcoin's price — it is a capital allocation decision made visible. Operators who built billion-dollar businesses on mining margins above 90% in 2021 are now dismantling ASIC racks and converting facilities to GPU clusters, because the halving and spot price dynamics made that margin mathematically impossible to recover. The miners who move fastest lock in the data center contracts and power agreements that are genuinely scarce — those who wait are left with…