Every four years, Bitcoin cuts mining rewards in half — and every four years, the machines have gotten faster and cheaper to compensate. That era is ending. The transistor is running out of physics, and mining is about to face its first halving with no faster chip coming.

The public miners are already telling you this in their balance sheets — if you know where to look. This report shows you where.

Inside: why ASIC economics break at the next halving; what the big miners' sudden AI pivots really signal; how computing with light instead of electricity rewrites the cost of a hash; and who is positioned to own the transition.

This isn't a coin-picking guide. It's an industry map for the largest equipment turnover in mining history — written for builders who want to see it before their industry does.

Your $197 purchase includes one full year of First Light General Membership: member letters and chat, monthly Q&A, and lifetime updates to this report as the numbers move.