In the early hours, a friend who has been engaged in mining for many years sent a voice message and screenshots—his batch of FIL miners has matured. The five-year cycle data is in front of us: the return rate has dropped from a peak of 300% to -40%. This contrast prompts reflection on the essence of crypto investing.

Six months ago, a decision now seems worth revisiting: reallocating some funds from mining to a stablecoin mining pool. At that time, some people even laughed, saying it was too conservative, "How much can you earn with stablecoins?" Now, the same people are asking, "Can I still join your pool?"

Miner withdrawals do not mean the disappearance of wealth but reveal the most fundamental rule of the crypto world—every high return carries a time imprint. Mining machines depreciate, contracts expire, and hardware will eventually fail. But stablecoins operated through over-collateralization mechanisms are different. Take USDD as an example; these stablecoins are backed by over 130% BTC/TRX assets, with on-chain data available for real-time verification. This physical layer of over-collateralization acts as a safeguard during market fluctuations.

182 days of continuous yield data show that these stablecoin mining pools maintain an annualized return of roughly 8%-12%. Compared to traditional mining operation costs (electricity, maintenance, power outage risks), the advantages of decentralized pools are obvious: 24/7 uninterrupted yield generation, producing returns every second, without worrying about hardware failures or shutdown risks.

From the lessons of the FIL five-year cycle, the market is reallocating capital—shifting from high-risk assets pursuing extremely high returns to assets that ensure principal safety and stable income. This is not conservatism but a rational choice based on cyclical characteristics.