A Crisis in Bitcoin Mining

⬜The Bitcoin mining industry is facing the harshest economic conditions in its history: miner revenues are falling while costs continue to rise. Hashprice has dropped to structural lows around $35 per PH/s, rendering operations profitable only for the most efficient players. With BTC sliding below $80,000, the profitability of new machines has deteriorated so severely that their payback period now exceeds 1,000 days — even though the next halving is less than 850 days away.

⬜Pressure on corporate balance sheets is intensifying as well: CleanSpark has already liquidated a Bitcoin-backed loan to preserve liquidity. In parallel, shares of leading mining companies have plunged — some by more than 50%. This combination of stresses signals a profound restructuring of the sector, where only operators with the strongest financial and technological foundations are likely to survive.