Over the past year, BTC mining difficulty has actually increased by 36.5%. Interestingly, although the price of Bitcoin has been falling, miners have not withdrawn en masse—in fact, they are increasing their investments. The underlying logic is crucial: the supply side has not exited due to the price decline; instead, they continue to hold with more advanced hardware and more ample capital. In other words, these miners are betting on the long term. The continuous rise in difficulty indicates that the mining industry is self-optimizing, with more efficient and larger-scale participants phasing out outdated capacity. This signal is very important—it reflects an enhancement in on-chain security rather than a decline in market demand.