币界网报道：Bitcoin Treasury Reserves Face Potential 2025 "Death Spiral" Risk as Miner Rewards Halve A new analysis warns Bitcoin's treasury reserves could face a "death spiral" scenario by 2025 when block rewards halve from 6.25 BTC to 3.125 BTC. The report highlights that many public Bitcoin companies currently hold insufficient reserves to sustain operations through prolonged bear markets. With mining difficulty adjustments and energy costs remaining high, the upcoming halving may push marginal miners into unprofitability. Several major mining firms have already been liquidating portions of their BTC holdings to cover operational expenses, creating additional sell pressure. Industry observers note that companies maintaining at least 12-18 months of runway in fiat or stablecoin reserves will be better positioned to weather the transition. The analysis suggests treasury management strategies will become increasingly critical for Bitcoin-focused businesses as the network's inflation rate drops below many traditional assets. Some miners are reportedly exploring alternative revenue streams including high-performance computing services to diversify income ahead of the halving. Market analysts caution that inefficient operators may face existential risks if Bitcoin's price doesn't appreciate sufficiently to offset the reduced block subsidy. The situation has prompted renewed discussions about long-term sustainability models for proof-of-work cryptocurrencies.