Not securitiesThis identity ----Dividing line---- Overall, miners are definitely net sellers, not net buyers. Even if miners add leverage, the money is still used to buy mining machines, and the price of mining machines is approximately 4-10 months of profit, depending on the gas fee at that time. And this money went to: Huang's NVIDIA Manufacturer of Asic mining machines State Grid and certain hydropower stations in Sichuan. A small portion will flow back into the ETH plate. So, I see some people saying that with the production cost (electricity) of ETH, it won't be so miserable, which is obviously not right because this production cost is all paid for by inflation. Greater inflation dilutes the wealth of each holder equally. ----Dividing line---- The biggest problem with ETH is not whether it can be converted to PoS, the biggest problem with ETH - it may also be a problem in our industry, as we have not been able to create impressive applications. You cannot demand ETH to learn Solana support meme. The casino logic is acceptable, and I also agree with the casino logic. But the casino logic may only be able to support SOL with a valuation of 60 billion, but at the level of ETH with a valuation of 200 billion, it may not be enough. ETH can only take the mass adoption route and the Weiguang positive route. But this route is now at a stalemate again. The stalemate!