Bitcoin Halving Event - Next Bitcoin halving is 40% complete [1] - Halving block is set at 1,050,000 [1] - Approximately 125,766 blocks remain until the next halving [1] - Estimated 874 days remaining until the next halving [1]

Market Catalysts & Trends - The crypto market anticipates a significant catalyst, potentially larger than previous ones like the Genius Act and ETF approvals, which could substantially increase the Bitcoin price [1][2] - Google searches for crypto are at a bottom, indicating minimal retail interest, which historically suggests a potential buying opportunity [2][3] - Stablecoin market share continues to grow, with Ethereum dominance increasing from approximately 49-50% to 55% [10][11] Regulatory Landscape - The Clarity Act (market structure bill) is identified as a potential catalyst for the crypto industry, similar to the Genius Act's impact on stablecoins [16][17] - Prediction markets suggest a 33% chance of the Clarity Act being signed into law in 2025, a decrease from 37% due to a previous government shutdown [20] - The Genius Act had bipartisan support, indicating broad interest in crypto regulation [23] Company Performance & Stablecoin Adoption - Circle, the company behind USDC stablecoin, reported a 66% year-over-year revenue growth, reaching $740 million [6] - USDC usage on blockchains saw an enormous increase, reaching $96 trillion of volume in the quarter, up from $59 trillion in the prior quarter and over 600% year-over-year [6] - Stablecoins are viewed as a "Trojan horse" and an on-ramp for capital into blockchain products, with potential for trillions of dollars to flow into stablecoins [12][13]

Group 1: Market Liquidity Trends - The total global stablecoin market cap has decreased from $309 billion to $305 billion in November 2025, indicating the first contraction after two years of growth, suggesting weaker liquidity ahead [1] - USDT supply is declining, which is a common early indicator of capital flowing out of risk assets, historically leading to downward pressure on Bitcoin [2] - ETF inflows and Digital Asset Trusts (DATs) are also showing signs of fatigue, confirming a broad-based cooling of liquidity across the market [3] Group 2: Bitcoin Halving and Market Dynamics - The traditional Bitcoin Halving model, which has historically triggered major price rallies, may no longer be valid as liquidity expansion and halving are not aligning in 2025 [6] - Analysts suggest that global liquidity, influenced by the Federal Reserve and ETF flows, is the real market catalyst, potentially extending the current cycle into 2026 [6] - Adez Research argues that large market makers may be promoting a liquidity narrative that lacks real data support, indicating a disconnect between narrative and actual market conditions [7] Group 3: Historical Analysis and Correlation - An analysis of Bitcoin's historical cycles since 2013 shows no consistent correlation between changes in the Federal Reserve's balance sheet and Bitcoin's performance, undermining the Liquidity Bitcoin Halving correlation thesis [8]

Core Insights - The Bitcoin mining industry is facing significant profitability challenges, with hash prices dropping to around $42 per petahash per second (PH/s), nearing break-even levels that threaten smaller mining operations [1][7] - The hash price has been on a downward trend since July, when it peaked at $62 per PH/s, leading to concerns about the viability of weaker miners and prompting larger firms to tighten spending [2][7] - The total hashrate of the Bitcoin network has surpassed 1 zetahash per second (ZH/s), increasing electricity and hardware demands, while many mining firms are shifting focus to AI infrastructure for better margins [5][7] Industry Impact - The decline in hash prices is affecting the entire mining supply chain, with hardware providers experiencing slower sales as miners delay or cancel orders [3] - Manufacturers like Bitdeer are pivoting to self-mining and exploring opportunities in AI and high-performance computing (HPC) to counteract declining hardware demand [4] - Major mining firms, such as Cipher Mining and IREN, are diversifying their business models by securing multi-billion-dollar AI infrastructure deals with tech giants like Amazon and Microsoft [6][7]

Industry Overview - The Bitcoin network hashrate reached a record high in October, with a monthly average increase of 5% to 1,082 exahashes per second (EH/s) [1] - Mining difficulty rose by 3% from the end of September and is 80% higher compared to the difficulty before the recent halving in April 2024 [2] Mining Economics - Miners earned an average of $48,000 per EH/s in daily block reward revenue in October, which is a 3% decrease from September [3] - Daily block reward gross profit fell by 4% [3] Market Performance - The combined market cap of 14 U.S.-listed mining companies tracked by the bank increased by $14 billion, or 25%, reaching $70 billion last month, driven by high-performance computing (HPC) announcements and a shift towards AI [3] - Ciper Mining (CIFR) outperformed the group with a 48% increase, while Cango (CANG) underperformed with a 5% decline, being the only mining company covered that performed worse than Bitcoin, which fell by 3.9% [4]

Bitcoin Halving Progress - Bitcoin 下一次减半进度已完成约 39% [1] - 剩余区块数量约为 128,084 个 [1] - 预计剩余天数约为 889 天 [1] Block Information - 当前区块高度为 921,916 [1] - 减半区块高度为 1,050,000 [1]

🚨 LATEST: Mid-tier Bitcoin miners surge post-halving. https://t.co/F1UuYMdKYE ...

Next ₿itcoin Halving Progress▓▓▓▓▓▓▓▓▓▓▓▓░░░░░░░░░░░░ 38%Loading…Please HODLCurrent Block: 920,265Halving Block: 1,050,000Blocks Remaining: 129,735Days Remaining: ~900 days ...

Core Insights - Bitfarms, a Toronto-based bitcoin miner, has shifted its focus to high-performance computing (HPC) and artificial intelligence (AI) data centers, which are expected to yield higher profits compared to traditional bitcoin mining [3][9] - The company's stock has surged 211% this year, driven by investor interest in its transition to AI data centers [2][13] - Analysts indicate that the market is currently valuing bitcoin miners primarily based on their HPC/AI opportunities rather than traditional bitcoin mining [4][12] Company Strategy - Bitfarms has recently converted a $300 million credit facility to fund the development of an HPC/AI data center in Pennsylvania, indicating a strong commitment to this new direction [6][7] - The company is positioning itself to capitalize on the growing demand for AI infrastructure, with Pennsylvania emerging as a key hub for such developments [8][9] - The shift to AI is a response to the challenges posed by bitcoin halving, which has reduced mining profitability and prompted miners to seek more efficient energy utilization [10][11] Financial Performance - Despite a reported 87% increase in revenue in the most recent quarter, Bitfarms faced a net loss of $40 million, highlighting significant financial challenges [17] - The company has burned through $431 million in free cash flow over the last 12 months, with only $144 million in cash remaining as of June 2025 [17] - Bitfarms issued $500 million in convertible senior notes due 2031 to support its transition to HPC/AI, alongside the $300 million financing for the Panther Creek project [13] Market Position and Competition - Bitfarms competes with larger players in the AI sector, such as Amazon, Google, and Oracle, which may impact its long-term growth prospects [17] - The company must secure long-term contracts to ensure profitability in its AI data center investments, facing competition from rivals that utilize cheaper energy sources [17] - Analysts suggest that Bitfarms' stock may be overvalued, with an average price target indicating a 12% overvaluation [15]

RT Bobby Ong (@bobbyong)ICYMI we released our Bitcoin Report during Token2049 and many of you missed this report.Top 6 Highlights of Bitcoin in 2025:- Bitcoin Has Historically Climbed Through New Highs After Each Halving, but the Quantum of Increase Has Shrank- Bitcoin Outpaced Other Risk Assets in 2024 With a +119% Gain, Still Leads All Other Assets Except Gold in 2025- Number of Bitcoin Active Addresses Hit 944K in August 2025, Though Numbers Remain Affected By Price Volatility and Ecosystem Activity- US ...