【December 2 Market News and Data Analysis】

1、#TRUMP will make a significant statement at 3 AM tomorrow;

2、With the overall network difficulty running at a high level, most old Bitcoin mining machines have fallen below the shutdown coin price;

3、Report: #BTC mining is trapped in the "worst profit cycle in history," and mining companies are under comprehensive pressure;

4、#美联储 future meetings show frequent disagreements, which may exacerbate market volatility risks.

According to the latest industry data, under a cost model of $0.06 per kWh, a large number of old Bitcoin mining machines represented by the Antminer S19 series have generally fallen into losses, with their shutdown coin prices remaining high, resulting in negative daily earnings and nearing the edge of shutdown. In stark contrast, new generation mining machines using new technologies such as liquid cooling, like the Antminer S23Hyd. series, can still maintain profitability under the current market with a shutdown coin price of about $32,200, demonstrating significant efficiency advantages and risk resistance capabilities.

This dynamic reflects that the mining industry is accelerating its "layering" due to extremely high overall network computing power and the significant energy efficiency gap. Meanwhile, the hash price, which measures miners' core income, has dropped to a historic low of about $35/PH/s, leading to severe pressure on mining company profits. This has triggered a chain reaction, including a significant decline in the stock prices of listed mining companies since mid-October, and some companies have begun to actively deleverage to cope with the crisis. For the overall cryptocurrency market, the continued clearing of old computing power may alleviate the selling pressure on miners, but the industry's drastic consolidation and capital expenditure contraction may also bring new uncertainties to network computing power growth and security before the next Bitcoin halving.