Bitcoin Mining Profitability Crisis: Low Hashprice Pushes Public Miners to the Brink

Bitcoin mining profitability has reached one of its lowest points in years, primarily due to the drop in hashprice (revenue per petahash per second) to approximately $35/PH/s.

• Below Break-Even: This hashprice is now below the median cash-based hashcost of around $44/PH/s, meaning a significant part of the mining industry is operating at or below their break-even point.
  • Highest Losses: Miners with the highest all-in hashcosts, like CORZ (nearly $70/PH/s), are significantly unprofitable.
  • Mid-Tier Squeeze: Mid-tier miners such as BTDR, CAN, GREE, WULF, MARA, and CANG have costs between $44–$55/PH/s, meaning their revenue no longer covers their total operating costs.
  • Near Breakeven: Only a few highly efficient firms (ABTC, CIFR, HIVE, CLSK) are close to breaking even, but even they face pressure as hashprice nears $40.

This low-margin environment is forcing miners to adapt quickly through fleet optimization, energy contract renegotiations, and operational consolidation. Companies with older hardware or high debt loads face the biggest immediate risks.

The broader implication is a potential reshaping of the mining landscape. Historically, such prolonged periods of low hashprice lead to a shakeout, where weaker operators fail, and the strongest accumulate hashrate. If the hashprice doesn't recover, the sector is likely to see accelerated consolidation, with operational efficiency becoming the key competitive advantage for survival.

December 2025, Cryptoniteuae