Mining farms are shutting down row by row, and the once lively community discussions have become quiet. An ecosystem built on grand visions is now facing a severe reality test.

The data is in front of us: the number of active miners worldwide has dropped to only 1,063, and effective hash rate has directly fallen below 20 EiB. In just one month, the rapid change is astonishing. News of large-scale mining machine shutdowns is spreading through the community, with some comparing it to "a critical node in the logistics network suddenly being interrupted."

As the underlying infrastructure begins to shake, how long can the value commitments built upon it hold? This is the pressing question.

**Operational pressures are becoming evident: the data speaks**

The first to feel the change is the community atmosphere. The once enthusiastic discussions have gradually turned into complaints, followed by a series of data points. Active miners are rapidly decreasing, and the total effective hash rate across the network is continuously declining.

Key indicators reveal deeper issues. According to Q3 2025 data, the total storage capacity of the Filecoin network has shrunk by 10% within a quarter. This is not a slow adjustment but a systemic contraction.

Miner consolidation is a surface reason. But under stricter operational requirements and staking thresholds, many small and medium miners are choosing to exit. This is not simply "survival of the fittest," but rather a gradual decline in network carrying capacity.

**Hidden dangers in the economic model**

The most concerning rumor is that project teams may be shifting towards high-risk operational strategies. This touches the most sensitive nerve for all on-chain investors.

Filecoin has reached its current state, and its economic design itself is a focal point. Especially the costly staking mechanism, which has long been questioned by the community. Now, as the situation worsens, these design flaws are accelerating exposure.

Miners are under pressure from both ends: on one side, declining revenue expectations; on the other, heavy staking costs. This unsustainable cycle is speeding up the departure of participants.