According to Woofun AI, in a macro context where profit conditions continue to deteriorate and the operating environment is becoming increasingly severe, Bitcoin miners showed abnormal asset accumulation behavior, and their BTC reserves bucked the trend and increased 1%. This phenomenon breaks the traditional market logic where a decline in revenue is accompanied by a sell-off, and shows the industry's strategic strength under pressure.
Despite rising energy, hardware, and financing costs, the miner community is not choosing to cash out on a large scale, but instead optimizes balance sheets by absorbing newly produced tokens. This restraint has become a key variable on the supply side of the current market.
Funding data reveals the complex game of miners under revenue pressure. Currently, the total amount of BTC stored in wallets controlled by Bitcoin miners has reached 1.1943 million, with a total value of 76.76 billion US dollars at the current price of close to $65,000.
Notably, these wallets recently recorded a net inflow of 224 BTC, meaning that deposits are slightly higher than withdrawals, indicating that the industry as a whole has yet to enter the distribution phase. However, the financial foundation that supports this position holding behavior is being severely tested. The Pool Multiple (Pool Multiple) indicator has dropped to 0.71, far below the neutral level of 1, and is in a range historically highly correlated with operating pressure. The indicator measures the ratio of the daily dollar value of newly issued BTC to its long-term average. A low value directly indicates that the profit level of miners is lower than normal. Even if revenue declines, rigid expenses such as power contract performance, cooling system maintenance, debt repayment, employee salaries, and equipment maintenance still require huge financial coverage. If the pressure continues, bad operators may be forced to sell or shut down equipment, but the current upward trend in reserves suggests that many miners still have sufficient liquidity reserves, external financing channels, or other sources of revenue, thus avoiding aggressive sell-offs.
According to data compiled by Woofun AI, an independent miner recently successfully dug up a block and obtained 3.1,382 BTC worth about $200,000. This kind of incident is extremely rare for small miners, which confirms the resilience of some players to survive in an inefficient environment.
Changes in technology and infrastructure further reflect structural adjustments in the industry. The computing power of the Bitcoin network has declined from about 1,107 billion TH/s in November to about 995.46 million TH/s now. This significant drop may mean that some devices have stopped operating due to meager profits. The deeper variable is that some large publicly operated mining plants are shifting the power capacity, data center resources, and investment focus originally used for mining to the field of artificial intelligence computing, because the latter can provide a more stable revenue stream.
This diversified competition for infrastructure uses indicates that the mining industry is facing resource crowding from AI computing power. At the same time, the “Hash Ribbons” indicator once again sends an early warning signal. The indicator determines the possibility of miners shutting down equipment by tracking short-term and long-term computing power trends. Although it cannot directly predict price changes, it accurately reflects the pressure situation facing the industry. As a coping mechanism, the Bitcoin network's mining difficulty was automatically reduced by 5%. Currently, the value is 127.17 trillion, which is 17% lower than this year's high of 148.26 trillion yuan. The difficulty adjustment aims to ensure that blocks are generated at the scheduled time. When computing power decreases, the network reduces difficulty, and helps the remaining operating equipment reduce competitive pressure and obtain more block rewards. This also explains why miner reserves can continue to grow even when revenue indicators are weak: the reduction in difficulty has improved the efficiency of stand-alone output, partially offsetting the negative impact of price fluctuations.
Market patterns and future risk assessments show that miners' positions have a dual impact on prices. The price of Bitcoin has recently broken through the neck line of an “inverted shoulder” pattern. This technical pattern is generally regarded as a sign of a potential upward rebound, but to confirm a reversal, the price needs to remain stable above the neck line and market demand remains strong. The increase in miners' reserves provided substantial support for the price rebound by limiting new supply;
However, these huge reserves also pose potential supply pressure in the future. Once reserves begin to decline and the Poole multiples indicator is still low, the market may once again face the impact of forced sell-offs, which in turn weakens the momentum of the rebound. A comprehensive analysis of data sources such as cryptoquant, CoinGlass, and blockchain shows that currently miners choose to be patient in difficult environments is the key to improving short-term trends, but if computing power continues to decline over a long period of time, it may affect network security, although the difficulty adjustment mechanism can ensure stable block generation. If miners continue to hold and prices remain at technical support levels, the short-term trend is expected to improve; conversely, the situation will quickly reverse.