比特币网络算力连续两月下行，矿工盈利水平触及历史低位

According to an analysis report from major Wall Street financial institutions, the overall computational power of the Bitcoin network recorded a second consecutive month of decline in December 2025. Data shows that the hash rate decreased by approximately 3% month-over-month, falling to around 1045 EH/s. This change indicates that the competition among miners in the network has somewhat eased.

However, the reduced competitive pressure has not translated into improved profitability for miners. The report further points out that the current profitability level of Bitcoin mining has reached a historic low. This situation is mainly due to multiple factors: the recent continued pressure on Bitcoin asset prices, while the electricity costs required to support network operation remain high. Additionally, after the 2024 halving event, the fixed reduction in Bitcoin rewards per block directly compressed miners’ basic income sources.

Market analysis indicates that the persistently sluggish profit environment is exerting significant pressure on the financial health of mining companies. Some miners with lower operational efficiency or higher electricity costs may already be unprofitable, which could be the direct reason for the stagnation or even decline of the total network hash rate. Hash rate, as a key indicator of Bitcoin network security and miner investment, is closely watched by industry participants for trend changes.

Looking ahead, the future of mining largely depends on whether Bitcoin’s market price can effectively rebound and whether miners can optimize their operations through technological upgrades or relocating to regions with lower energy costs. The current slowdown in hash rate growth may signal that the industry is entering a new phase of consolidation and adjustment.

Disclaimer: This article only reflects the author’s personal views and does not constitute any investment advice. The market carries risks; invest cautiously.
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Related tokens: $BTC