What if Next-gen ASIC efficiency leap reshapes mining competitiveness?
A step-change in mining-chip efficiency renders older fleets obsolete, concentrating margins among capitalized operators and reshaping the supply curve.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (electric blue) over time vs the market's (Polymarket, amber), from the past toward the 3–10 years horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. Loading the probability audit trail…
What it would mean
If this plays out, it is a mixed shock. A step-change in mining-chip efficiency renders older fleets obsolete, concentrating margins among capitalized operators and reshaping the supply curve. The trigger decomposes into signed root‑shocks — Bitcoin ▲ · Crypto confidence ▲ · Risk appetite ▲ · Semiconductor supply risk ▲ — which propagate through our causal graph to the markets below.