The Bitcoin network is in a paradoxical phase of "high security and low profitability": the computing power has remained stable at a historical high of over 1 zettahash, while the revenue per unit of computing power for miners has plummeted, triggering a structural reshuffle in the industry.

On November 27, the Bitcoin mining difficulty decreased by another 2% at block height 925344, reaching 149.3 trillion, marking the second decrease that month. However, the block interval remained near the 10-minute target. The key metric for measuring miners' earnings, "hashrate price," has plummeted by 50% in recent weeks, falling to a record low of $34.20 per petabyte per second.

The contrast between high computing power and low profitability stems from the polarization of the mining community. Small miners unable to secure cheap electricity are accelerating their exit from the market, while large operators holding long-term power purchase agreements and deploying off-grid power plants are steadily expanding.

Even stablecoin giant Tether suspended its mining project in Uruguay due to uncertainties surrounding energy costs and tariffs, reflecting the survival pressures faced by small and medium-sized miners. While the computing power appears unchanged on the surface, it is actually a result of industry consolidation, with the number of entities supporting cybersecurity decreasing significantly.

The trend towards centralization carries hidden risks; a single factor such as extreme weather or power grid rationing could trigger a chain reaction. The capital market has already reacted, with the market capitalization of listed mining companies evaporating by nearly $30 billion in November, falling from a peak of $87 billion to $55 billion before rebounding slightly to $65 billion.

Investors' perception of mining companies is also changing, no longer viewing them as "Bitcoin alternatives" but as data center businesses with added crypto attributes.

Western miners need to open up new revenue streams by signing long-term power contracts, relocating to flexible grid areas, or taking on orders for artificial intelligence and high-performance computing (HPC).

To judge the industry trend, three key indicators need to be closely monitored: a significant drop in mining difficulty will confirm the exit of high-cost mining machines, while a rebound means the restart of idle capacity; transaction fees may improve profitability in the short term if they rise due to congestion in the memory pool; and at the policy level, export controls and adjustments to power grid rules may instantly change the cost structure.

The paradox of the current Bitcoin network is particularly pronounced: the protocol layer is more secure than ever before due to its high computing power, while the underlying mining industry faces pressure for capital liquidation and consolidation.

If funding shortages and high energy costs persist, the industry will see more mergers and acquisitions and relocations; if Bitcoin prices and transaction fees rebound, some idle capacity will be restarted, but the owners and operating models will have been completely changed.

比特币挖矿难度上调1.48%至84.38 T

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