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Bitcoin mining dilemma and breakthrough: Can hash rate tokenization become the next growth engine?
【Crypto World】Bitcoin’s network security remains stable under the support of a record-high hash rate, but the mining industry is facing an awkward situation—production yields are continuously declining, while operational costs are steadily rising. This contradiction is becoming more and more pronounced.
The fundamental issue is that the current mining revenue model is too fragile. In simple terms, it relies excessively on transaction premiums and market volatility for support, lacking a stable foundation linked to real economic activities.
An idea is being explored—hash rate tokenization. Simply put, it allows miners to obtain cash flow in advance by selling shares of future Bitcoin output to finance, thereby solving the early capital pressure. This way, miners can achieve a more predictable income model instead of betting on market trends.
But the reality is, this concept has not yet developed to a scale that can truly change the industry. Current projects are still in the pilot stage and far from evolving into infrastructure capable of supporting the Bitcoin network. Once this direction is successful, Bitcoin may truly become a self-sustaining cash flow engine.