Bitcoin Mining Profitability Crisis: Hash Price Don Sink, Up To 20% Rigs Dey Loss
CoinShares dey report say Bitcoin mining profit wan get worse. For dia March 2025 analysis, till 20% of Bitcoin mining rigs fit dey run at loss as hash price don fall to about $28–$30/PH/s — well below 2021 peak levels (>$100/PH/s). This mean about 15%–20% of global fleet dey under break-even, and electricity cost don turn the main factor.
After the April 2024 halving (block rewards drop 50%), miner revenue dey under pressure while network hash rate dey rise. CoinShares point say mid-generation hardware like Antminer S19 XP fit go negative cash flow when power cost reach around or above ~$0.05/kWh; high-cost regions (>~$0.08/kWh) dey more stressed. Low-cost areas fit only keep thin margins.
The report also flag "miner capitulation" signals, including consecutive difficulty downs and hash ribbon weakness (short-term hash rate slip below long-term), similar to past shakeouts.
Some miners dey pivot to AI and high-performance computing (AI & HPC) data-center services to cover cash strain. Traders suppose watch for continued Bitcoin selling pressure from operators wey dey financially stressed in short term, even though consolidation fit improve network resilience later.
Bearish
Hash price don collapse and di risk say miners go dey run dey loss dey increase di chances say BTC supply go still dey pressured from operators wey no dey perform. Difficulty-down streaks and weak hash ribbons dey show say dem fit enter capitulation phase, wey historically dey come with heavy selling and fit affect how people see BTC. Short term, expect higher risk say miners go get liquidated and volatility go high. Long term, consolidation round di lowest-cost producers fit stabilize di network economics, but for now di trading implication for BTC remain leaning to di downside.