Recently, I came across a topic worth discussing: the issue of Bitcoin mining costs.

Many industry insiders are saying that mining is currently facing an extremely challenging market environment. Ultimately, the real factor limiting mining profits is electricity. This is not only a technical issue but also an economic reality—electricity costs directly determine the feasibility of mining.

I’ve noticed that when many people discuss the future of Bitcoin mining, they often focus on hardware upgrades or computational power competition, but they overlook a more fundamental issue: when electricity becomes the true "currency," the entire economics of mining are rewritten. Miners who can access low-cost electricity are the real winners.

This also explains why the global mining landscape is constantly changing, with geopolitical and energy policies having an increasing impact. The cost of Bitcoin mining essentially reflects the differences in electricity supply and energy policies across regions.

Interestingly, this trend may accelerate industry consolidation. Small-scale miners without stable, low-cost electricity sources will face increasing pressure. Conversely, for regions or institutions with advantageous energy resources, this could present an opportunity.