The blockchain is replicating the performance seen when US Treasury yields rose in 2018. Back then, the mining boom also triggered storage adjustments in production, leading to shortages; subsequently, electronic mobile phone shipments declined by 4%, and storage prices fell by 50%-80%. This year, mobile phone shipments are down 10%, laptop shipments down 11%, and desktop computer shipments down 28%. Conventional servers are also seeing a decline. AI demand accounts for only 13% of storage.

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