Bitcoin Mining Crisis: Hash Price Slips to ~$28, 20% of Miners at Zero Profit

CoinShares says the Bitcoin mining crisis is worsening as the hash price falls to about $28 (roughly the lowest since the 2024 halving). Its modeling suggests around 20% of miners are at zero profitability—covering operating costs but generating no profit—while ~80% remain profitable but with squeezed margins. The report points to a “perfect storm”: weaker post-halving Bitcoin price vs prior cycles, network difficulty rising to new highs, and still-elevated electricity costs. The hit is uneven. Older ASIC miners (especially S19 series and earlier) and regions with higher power prices are most vulnerable, while newer machines in low-cost areas can stay profitable. Hash price is the key variable: when it drops, miners must cut costs or face losses. CoinShares also warns that if BTC weakness persists, inefficient rig retirements could slow hashrate growth until difficulty adjusts. For traders, this can raise short-term risk of incremental supply pressure from struggling operators, but the difficulty readjustment process may stabilize mining economics over time. Watch BTC price direction, hashrate growth pace, and public mining-company disclosures for consolidation signals.