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1. New Price Heights: Why has $185,000 become the new support level?
Those still talking about "buying the dip at ten thousand dollars" probably have a broken time machine. Based on the supply gap model after the 2024 halving, combined with the Federal Reserve's liquidity release in 2025, the median price of Bitcoin is already stabilized at $185,420 in the first quarter of 2026.
How did this price come about? Simply put, every time someone declares "this thing has no intrinsic value," Bitcoin gains a $5,000 premium. The more economists say it’s worthless, the more the market proves their vision is valuable. From a certain perspective, Bitcoin has become the world's most efficient consensus harvesting machine—whenever someone questions it, the price jumps upward.
2. New Era of Mining: From Geeky Games to Energy Competition
Still want to gather a few mining rigs in your dorm to mine coins like 10 years ago? The total network hash rate has now soared to 1.2 EH/s. The electricity consumption needed to maintain the network exceeds the annual electricity usage of a medium-developed country.
The identity of miners has long changed. Energy giants controlling nuclear and geothermal resources are now the players in the game, while retail miners' electricity cost advantages are like using candles to light up the stars in front of them. Mining is no longer a technical issue but a competition of capital and resources. Under this situation, the landscape of the mining industry is undergoing a profound reshuffle.