Overview
- CoinShares’ Q1 report finds 15%–20% of the global fleet now runs at a loss as hashprice, the revenue per unit of computing power, hovers near $30–35 per petahash per day after late‑February lows around $28–29.
- Public miners spent about $79,995 to produce one bitcoin in Q4 2025, a figure above recent market prices near $68,000–$70,000, which squeezed cash flow and discouraged hardware upgrades.
- To stay liquid, listed operators have sold more than 15,000 BTC from peak treasury levels, with Core Scientific offloading about 1,900 BTC in January, Bitdeer cutting holdings to zero in February, and Riot selling 1,818 BTC in December.
- Network strain shows up on‑chain, with a 7.76% difficulty cut on March 20 and a rare run of three straight negative adjustments that point to rig shutdowns and consolidation toward more efficient players.
- Many miners are pivoting to AI and high‑performance computing, with over $70 billion in signed contracts and large new debts such as IREN’s $3.7 billion in convertibles and Cipher’s $1.7 billion in notes, raising refinancing risk if buildouts slip.