Let count parallel bonds. Then bonds are antiparallel and the energy is
The periodic boundary conditions impose
Hence must be even. For odd , is odd, so its minimum is one: one bond must be parallel. All other bonds alternate. Choosing that bond in ways and then choosing either value of determines every Ising spin, giving
This is an odd antiferromagnetic Ising ring: geometrical frustration forces one defect, whose location is unrestricted. The ground-state degeneracy includes both its possible locations and global spin inversion symmetry. The formula also includes the self-bond case under the stated Hamiltonian convention.

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