Wu Says learned that CoinRabbit and GoMining released a report stating that after block rewards fell to 3.125 BTC and the network-wide difficulty neared the historical high, mining firms can no longer sustain competitiveness relying only on low electricity prices and equipment efficiency—capital management is becoming the key factor determining profitability. The report suggests that miners reduce forced BTC sales and instead use collateralized financing to cover electricity bills, custody fees, and payroll, while maintaining long-term exposure and expanding hashrate at low cost during bear markets.