Bitcoin is fluctuating around $80,000; what are miners' choices?

A tweet was posted early in the morning stating that currently, miners are not selling large amounts of their $BTC, but the overall computing power is indeed declining. Since the peak on November 11, 2025, the overall mining difficulty of Bitcoin has decreased by 17.75%. The decrease in difficulty indicates that high-cost miners have started to exit, or at least are shutting down temporarily.

This pressure on miners is not just from BTC price fluctuations but also from the scarcity of electrical resources.

In the past, miners competed for cheap electricity, surplus electricity, and marginal power. The core competition was mining machine efficiency and electricity costs. But now, AI data centers are also competing for electricity, and the buyers behind AI computing power are companies like Microsoft, Google, Amazon, and Meta, which have stronger credit, longer contracts, and higher payment capabilities.

For the same amount of electricity, AI data centers can offer higher prices and are also more capable of securing long-term stable electricity. This will directly compress the survival space of Bitcoin miners.

This decline in difficulty, on the surface, appears to be a decrease in computing power, but at a deeper level, electrical resources are being redistributed from low-value-added computing power to high-value-added computing power.

The fact that miners are not selling large amounts of BTC indicates that it is not yet a surrender from the miners.

However, the decline in computing power indicates that some mining sites have already started to be forced to exit.

In the future, the competitive advantage of mining companies will not simply be based on the scale of computing power but rather on electrical resources, data center resources, grid connection capability, and the ability to switch between BTC mining and AI/HPC.

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