In the third week of February 2025, the Bitcoin market experienced significant volatility, with price fluctuations ranging from $93,487 to $99,454, a swing of over $6,000. The combination of hawkish signals from the Federal Reserve and economic weakness in Central Europe suppressed market risk appetite, while Texas, Montana, and Utah accelerated the advancement of Bitcoin reserve legislation. Trump's signing of an executive order to end the "crypto war" fueled the rising narrative of sovereign reserves.

According to YCharts data, the total daily revenue of miners dropped to $43.52 million on February 10, a decline of 10.48% from the previous day and a year-on-year decrease of 7.3%. The profit margins for miners have been squeezed due to increased mining difficulty and rising energy costs. In addition, the average transaction confirmation time on the Bitcoin network has reached 19 minutes, setting a new historical high, mainly influenced by network congestion, block size limitations, and fluctuations in transaction fees.

The Puell multiple has remained above 1 since January 13, indicating that miner revenue is still relatively healthy. To prevent further miner capitulation, the Bitcoin price needs to rebound and stabilize above $100,000 to ensure the sustainable profitability of miners. On February 9, 2025, the Bitcoin network hash rate set a new record, surpassing 810 EH/s and reaching 818 EH/s.

The cost of Bitcoin mining is approximately $26,000 to $28,000; the cost of Bitcoin mining is approximately $26,000 to $28,000.

According to the report, the main cost of Bitcoin mining in 2025 is expected to be around $26,000 to $28,000 per Bitcoin, while the current trading price of Bitcoin is about $105,000, indicating that mining activities still have considerable profit margins.

On January 27, 2025, the Bitcoin network completed a new round of difficulty adjustment at 11:22:53, with the difficulty value decreased by 2.12% to 108.11T. Currently, the average hash rate of the Bitcoin network is 806.57 EH/s, and the next Bitcoin mining difficulty is expected to increase by 1.82% on February 9, rising to 110.08 T.

The difficulty of Bitcoin mining has been adjusted positively for the eighth consecutive time; multiple states in the U.S. have proposed Bitcoin strategic reserve bills.

U.S.-listed Bitcoin mining companies account for 25.3% of global hash rate; the trading volume share of Bitcoin miners has recently fallen below the critical level of 5%.

Bitcoin mining difficulty increased by 1.16% to 109.78 T; Bitcoin hash rate reached 1,000 EH/s; Bitcoin miner revenue in December has reached $1.44 billion.