Group 1 - Bitcoin recently fell below $90,000, marking a significant drop since April, with a low of $89,426 and a final price around $91,200, representing a decline of over 20% and a complete reversal of gains made in 2025 [5][7] - The cryptocurrency market is experiencing extreme panic, exacerbated by rising electricity costs that increase supply pressure [5][7] - The demand for electricity driven by artificial intelligence is pushing up wholesale electricity prices, leading to shrinking profits for Bitcoin mining operations [5][7] Group 2 - In the first half of November, $2.3 billion flowed out of U.S. spot Bitcoin ETFs, alongside rising U.S. Treasury yields, contributing to the current sell-off [7] - Electricity costs account for 70%-80% of total Bitcoin mining costs, and in Texas, the average wholesale electricity price increased by 18% year-on-year in Q3 2025 [7][8] - The U.S. Energy Information Administration predicts that wholesale electricity prices will rise by 8.5% to $51 per megawatt-hour by 2026, driven by data center demand [8] Group 3 - Miners have transferred approximately 71,000 Bitcoins to exchanges in the first two weeks of November, marking the highest monthly transfer volume since the 2022 bear market [8] - Several publicly listed mining companies have acknowledged the shift towards AI computing, with Marathon Digital selling part of its output to maintain operations, while Core Scientific and Iris Energy have signed long-term AI hosting contracts [10] - AI hosting contracts typically yield 70%-80% EBITDA margins, providing stable income compared to the volatility of Bitcoin mining [10] Group 4 - Not all miners are selling; some are still profitable by utilizing low-cost electricity from renewable sources, particularly in regions like Canada and Scandinavia [11] - Approximately 52% of global Bitcoin hash rate currently comes from hydropower, wind, or nuclear energy [11] - The short-term effect of increased supply from miners has contributed to Bitcoin's drop below $90,000, while long-term predictions remain mixed, with some Wall Street firms maintaining a year-end target of over $100,000 [11]
前沿观察 | 电力需求激增,比特币跌破9万美元
Sou Hu Cai Jing·2025-11-20 13:39