[Bitcoin Power Consumption May Have Peaked, December 2025 Could Be the Historical High] According to a report by Jinse Finance, Saifedean, the author of *The Bitcoin Standard*, wrote on September 15 that Bitcoin's power consumption may have already peaked and might never again consume as much electricity as it did during 2024–2025. Even if this is not the case, due to mining economics and the halving mechanism, this dynamic is expected to become a reality at some point in the coming years. He stated that Bitcoin mining once benefited from a structural long-term tailwind: the value of block rewards in each cycle increased at a rate far faster than the reduction in Bitcoin quantity caused by halving. This tailwind has now disappeared. Although Bitcoin's average price has risen by 2.56 times, the nominal reward revenue in the current cycle is only 28% higher than the previous cycle; after accounting for dollar depreciation, the increase is close to zero. Meanwhile, Bitcoin mining difficulty has not reached a new high for 305 days since hitting an all-time high on October 30, 2025, marking the second-longest period in Bitcoin's history without a new difficulty record. The Cambridge Centre for Alternative Finance estimates that Bitcoin's annualized power demand may have peaked in December 2025 at approximately 190 terawatt-hours, dropping back to the 130 terawatt-hour range by mid-2026, as AI raises the opportunity cost of premium mining infrastructure. Bitcoin's fundamentals suggest it is likely to continue growing, but Bitcoin mining and its power consumption may have already peaked. The article also pointed out that March 14, 2024, could become the day with the highest reward value in Bitcoin mining history, with a price of $73,800 and a block reward of 6.25 BTC, corresponding to a daily reward of approximately $65 million. If the price does not reach $147,600 before the next halving, this will be the first cycle in which daily mining rewards fail to surpass the previous cycle's peak.