According to CoinMeta, Joao Wedson indicates that this is the first time in a long time that Bitcoin mining metrics have been consistently weak, and this is not just a temporary fluctuation in the hash rate. This is only the second time in history that mining difficulty has decreased year-on-year; the first occurrence was in 2021 when China banned Bitcoin mining. At that time, the reason was clear: mining equipment was moved to other countries, and the hash rate began to grow again within a few months. However, this time is different. Since October 2025, the decline in Bitcoin prices, extremely low transaction fees, and compression of hash rates have significantly reduced mining profits. Equipment with lower efficiency has been unable to cover operating costs and has thus been shut down. Meanwhile, the energy, capital, and infrastructure that were originally allocated for Bitcoin mining are gradually shifting towards AI data centers and high-performance computing. Although this does not mean that the Bitcoin network is failing or that the difficulty will automatically adjust to improve the economic viability of online miners, it indicates that we are witnessing one of the deepest economic contractions in the field of Bitcoin mining and may see structural changes in the allocation of energy and computing infrastructure. Even though prices have rebounded recently, the hash rate has not increased accordingly, and this is a point that requires close attention.