#比特币与黄金战争 Most people are still worried about the short-term price fluctuations of $BTC, but savvy traders have already shifted their focus to a set of data—mining difficulty.

The final adjustment in 2025 will see Bitcoin mining difficulty officially surpass 148.2T, and it is expected to reach 149T again by January 8, 2026. Sounds like just a number? No, the logic behind it is the key.

Mining BTC is becoming increasingly competitive. Using the same electricity and the same mining rigs, you mine significantly fewer coins than a year ago. This is not a market sentiment issue; it’s a physical reality—difficulty↑, output↓, cost per coin↑—a three-step process with a bulletproof deduction.

There are no benevolent figures in the mining community. When mining costs are artificially increased, low-priced chips circulating in the market naturally become scarcer. The market will eventually have to accept the reality of "higher pricing."

So you will notice an interesting phenomenon: the market hasn't experienced a big explosion, but large on-chain funds are not in a hurry. What are they doing? They are waiting for this process. Because they understand—scarcity is not just hype, but driven by the "hard constraint" of mining difficulty adjustments. Time is on their side.

Prices can stay flat, but production costs are constantly hinting at a new anchor point. This time, the difficulty hits a new high—who is this pressure for? Once you understand this, you'll see why some are waiting rather than running.