Bit Deer made another move, and the issuance of US$330 million convertible bonds was overcompleted, releasing a key signal in the reshaping of the mining cycle. This is the third bond issuance in the past year, with a clear purpose: to increase the research and development of SEALMINER mining machines, expand the data center, and strengthen the computing power moat. The coupon rate of just 4.875%, well below last year's record 8.5%, and contains $45 million in over-allotments, indicating that institutions remain confident in their future expectations. It is worth noting that behind this round of financing is also a delicate debt restructuring operation. Bit Deer buys back high-interest old bonds with cash and new shares, discounting the implied exchange price by 57%, allowing old bondholders to exit with dignity while significantly reducing the company's financial costs. Although the stock price plunged 13% in the short term as soon as the news came out, it was an active and necessary slimming down in the medium to long term. In the context of the Bitcoin halving cycle has just begun, the capital action of Bit Deer indicates that the competition of mining companies is about to enter the deep water area. Whoever can complete the "low-cost + high-efficiency" transformation first will be able to break through in the next round of bull market.