#美联储回购协议计划 Many people are still debating price fluctuations, but those who truly understand the market have long shifted their focus to another dimension—Bitcoin mining difficulty data.

The final difficulty adjustment of 2025 officially pushed Bitcoin mining difficulty to 148.2T, and it is expected to increase further to 149T on January 8, 2026. It may sound dull, but the underlying logic behind it is worth pondering.

Simply put, what does rising difficulty mean? Mining Bitcoin becomes more difficult. No matter how powerful the mining rigs are or how cheap the electricity, the output of coins is decreasing. Costs are not hidden but are "step by step" pushed higher—difficulty↑, output↓, per-coin cost↑. This is not just a feeling; it’s mathematics.

Miner groups will not engage in unprofitable business. As mining costs continue to rise, those holding low-cost chips naturally become increasingly scarce. The market is ultimately forced to accept a reality: pricing must go upward.

Prices can fluctuate, but Bitcoin’s "real production cost" is continuously rising. That’s why, even if the market doesn’t explode rapidly, the dominant capital remains un anxious—they see the power of time standing on the side of scarcity. Who is this wave of difficulty reaching a new high actually pressuring?