📱 Expert Insight: What Miners Should Do in the Current Phase

Mining difficulty is near its highs.
Bitcoin price is not.

Normally, these two move more or less together.

When price goes up → more miners join → difficulty rises.
When price drops → some miners switch off → difficulty falls.

The Bitcoin network is showing a clear divergence: difficulty remains near all-time highs while price is significantly below previous levels. The adjustment mechanism is lagging, margins are compressed, and some operators are operating at or near breakeven.

This is not an anomaly — it’s a cycle phase. The market is going through the shutdown of less efficient capacity, increased BTC sales to cover OPEX, and a redistribution of hashrate toward operators with lower production costs. The key metric right now is cost per 1 BTC mined.

The release of more energy-efficient ASICs, such as the Antminer S23, may intensify competitive pressure. Increased hashrate can delay difficulty declines and accelerate market “clean-up.” Historically, those who upgrade earlier gain a structural advantage in production costs.

In a high-difficulty environment, energy efficiency becomes the defining factor of long-term sustainability.

This phase is a selection process — not the end of the cycle.
The real question is who will be positioned when conditions shift.