BTC mining company reserves dropped to 1.19 million, Foundry cleared all positions

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The Bitcoin mining industry has undergone significant changes

In the past year, the Bitcoin mining industry has experienced significant changes, with hash rates and network difficulty falling from previous highs. Despite downward pressure, as Bitcoin prices remain above $80,000, the daily earnings of most mining pools and mining companies remain above operating costs, leaving many miners still profitable.

Mining activity slows down and the competitive environment relaxes

Currently, miners can generate approximately 450 bitcoins per day after deducting operating expenses, thus freeing themselves from early financial pressures. The "Hash Ribbon" indicator shows that in the past two months, mining companies have barely entered so-called "troubled areas."

According to sources tracking their strategies, miners 'trading behavior has also adjusted, often failing to fully capture the rise in Bitcoin prices. Industry competition has eased over the past year, with the hash rate falling to approximately 987 EH/s in October, basically in line with the 12-month average.

Looking forward to 2026, network difficulty will show a downward trend, creating an overall favorable operating environment for miners. The market share distribution of the main mining pools remains stable: Foundry USA accounts for 25% of the block volume, while other pools such as Binance Pool perform differently. Some pools produce a block every three hours, while the head performer can complete the block in 20 minutes.

Miners sell reserves, shift strategic focus

矿工持有的比特币储备已从2025年底的190万枚降至估计的119万枚。许多矿工选择大幅减持而非继续积累，这反映了商业策略和市场条件的变化。

作为主要为第三方矿工提供平台并即时分配区块奖励的 Foundry USA，目前已几乎不再持有比特币。今年9月，Foundry USA 出售了其剩余的236枚比特币。该集团近期确认，首席执行官 Mike Colyer 将卸任，并在未来六个月担任顾问职务。

各大 pools 的储备情况出现分化。Binance Pool 的余额从3月的42,000枚小幅降至41,897枚；AntPool 则增加了持仓；而 F2Pool 在过去两年中将持仓从6,000枚减少至约4,000枚。

历史上被视为“最后持有者”的矿工群体正转向更频繁地出售比特币。这一趋势标志着更广泛的重新评估，部分运营商正在将资源重新配置到人工智能项目或数据中心建设中，并对量子技术进步等潜在风险因素保持警惕。“不惜任何代价持有比特币”已不再是常态。

与此同时，挖矿社区的部分成员开始多元化发展，涉足 ZCash 生产。虽然风险较高，但近期其回报率优于比特币挖矿。

技术市场趋势与投资者行为的变化

不断变化的技术市场趋势和投资者行为也影响着更广泛的加密资产机会。例如，在模因代币（Meme Token）领域，快速的市场波动可以在几天内将小额投资转化为巨额财富。据报道，有案例显示投资者通过精准操作实现了巨大的收益增长，突显了该领域的波动性和潜在回报。跟踪资产价格的同时，把握交易时机和代币选择被认为至关重要。相关工具结合了社交追踪、投资者排行榜和交易通知功能，帮助用户实时发现和交易模因代币，从而跟上市场动态。

矿业股票承压

此前曾创下强劲涨幅的多数公开上市的矿业公司，在过去一个月中股价出现下跌。行业龙头 IREN 股价下跌6.27%，报38.69美元，较6月高点67.84美元大幅回落。TerraWulf (Nasdaq: WULF) 的股价也从2026年的峰值减半，目前交易价格为14.40美元。

年初时，矿业股票的整体涨幅大于比特币本身，但随着市场热情减退，这些涨幅已转为回调。缺乏突出的AI叙事也影响了市场对矿业公司的看法，随着新资本日益稀缺，老牌且成熟的运营机构更具持久力。

展望未来

Industry analysts expect mining activity to decline further as winter approaches and the possibility of using hydropower resources for Bitcoin mining decreases. The industry is still in flux, adapting to the changing economic environment, and gradually abandoning its past strategy of relying on large reserves of Bitcoin as the main means of value creation.

Miners have shifted to a short-term focus, with the goal of producing bitcoins above cost, rather than simply accumulating them. This shift highlights significant changes in the field in risk tolerance, business models and technology priorities.