Bitcoin miner income falls to a historical low. Where are the new sources of income rising?

The Bitcoin network is currently in a contradictory phase of “high security, low profitability”: Computing Power has remained stable at historical highs of over 1 zettahash, while Miner unit computing income has fallen to rock bottom, triggering a structural reshuffle in the industry.

On November 27, the Bitcoin mining difficulty decreased by 2% at block height 925344, reaching 149.30 trillion, marking the second adjustment this month, but the block interval still maintained around the 10-minute target. The key indicator measuring miner earnings, “Computing Power Price,” has plummeted by 50% in recent weeks, falling to a historical low of 34.20 dollars per PB per second.

The contrast between high computing power and low returns stems from the polarization of the miner community. Small miners unable to secure cheap electricity are accelerating their exit, while large operators holding long-term power purchase agreements and establishing off-grid power stations are steadily expanding.

Even the stablecoin giant Tether has suspended its mining project in Uruguay due to energy costs and tariff uncertainties, reflecting the survival pressure on small and medium-sized miners. On the surface, the computing power has not decreased, but in fact, it is the result of industry consolidation, and the number of entities supporting network security is significantly decreasing.

The trend of centralization conceals risks, and single factors such as extreme weather and power grid restrictions may trigger a chain reaction. The capital market has already reacted, with the market value of listed mining companies evaporating by nearly $30 billion in November, falling from a peak of $87 billion to $55 billion before making a slight rebound to $65 billion.

Investors' perception of mining companies is also changing; they no longer see them as “Bitcoin substitutes,” but rather as data center businesses with added cryptocurrency attributes.

Western miners need to explore new revenue channels by signing long-term power contracts, migrating to flexible grid areas, or taking on artificial intelligence and high-performance computing (HPC) orders. To assess the direction of the industry, we need to closely monitor three major indicators: a significant reduction in mining difficulty will confirm the exit of high-cost miners, while a rebound would indicate the restart of idle capacity; if transaction fees rise due to congestion in the memory pool, it could temporarily improve profits; on the policy front, export controls and adjustments to power grid regulations may instantly alter the cost structure.

The paradox of the current Bitcoin network is particularly striking; the protocol layer has never been this secure due to high Computing Power, while the underlying mining industry faces pressures of capital liquidation and integration.

If the funding tightness and high energy costs persist, the industry will face more mergers and migrations; if the Bitcoin price and transaction fees rebound, some idle capacity will restart, but the owners and operating models have changed completely.