{"id":56002,"date":"2025-11-25T09:36:57","date_gmt":"2025-11-25T02:36:57","guid":{"rendered":"https:\/\/hbbgroup.net\/mining-economics-tighten-as-record-hashrate-meets-falling-bitcoin-price-report\/"},"modified":"2025-11-25T09:36:57","modified_gmt":"2025-11-25T02:36:57","slug":"mining-economics-tighten-as-record-hashrate-meets-falling-bitcoin-price-report","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/mining-economics-tighten-as-record-hashrate-meets-falling-bitcoin-price-report\/","title":{"rendered":"Mining economics tighten as record hashrate meets falling Bitcoin price: Report"},"content":{"rendered":"
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Profitability across the Bitcoin mining industry is facing new strain amid rising network competition and declining revenue conditions.<\/p>\n

Bitcoin miners are facing a fresh squeeze as the network\u2019s hashrate \u2014 a measure of the total computing power competing to secure the Bitcoin network \u2014 climbed to a record 1.16 ZH\/s in October while Bitcoin\u2019s (BTC<\/a>) price fell toward $81,000 entering November, according to a report<\/a> by The Miner Mag.<\/p>\n

Hashprice, which tracks miner revenue per unit of computing power, fell below $35 per hash, dropping under the $45\/PH\/s median total hashprice reported by public mining companies. The decline leaves several operators approaching breakeven levels.<\/p>\n

The report noted that payback periods for mining rigs have stretched beyond 1,200 days, while financing costs continue to rise across the sector, adding further strain.<\/p>\n

Source: <\/em>The Miner Mag<\/em><\/a><\/figcaption><\/figure>\n

The downturn follows a relatively stable third quarter, during which the hash price averaged about $55\/PH\/s, driven by BTC trading near $110,000. Rising competition on the network and a drop in Bitcoin\u2019s price entering November have pushed mining profitability to its weakest levels on record.<\/p>\n

The financial strain has also coincided with a surge in miner borrowing, driven first by a wave of near-zero-coupon convertible bonds in the past quarter.<\/p>\n

While miners are accelerating their pivot into AI and high-power computing (HPC), the revenue from these services remains too small to meaningfully offset the sharp drop in Bitcoin mining income, according to the report.<\/p>\n

Related: <\/strong><\/em>\u2018Extremely lucky\u2019 solo Bitcoin miner beats massive odds to win $266K<\/strong><\/em><\/a><\/p>\n

Stocks surge after JPMorgan price targets<\/h2>\n

Despite the sector\u2019s tightening economics, the top ten publicly traded miners were all higher over the past 24 hours, with CleanSpark, Cipher Mining and IREN posting double-digit gains on Monday. <\/p>\n

The surge followed a JPMorgan research note<\/a> raising price targets for the three miners, pointing to a surge in long-term HPC and cloud deals across the sector.<\/p>\n

Publicly traded Bitcoin miners by market cap. Source: <\/em>Bitcoin Mining Stock<\/em><\/a><\/figcaption><\/figure>\n

JPMorgan said Cipher\u2019s share price had fallen roughly 45% from its peak, creating a more attractive entry point, and noted that the company was \u201cwell-positioned\u201d to sign additional deals with HPC tenants.<\/p>\n

In November, IREN signed a five-year, $9.7 billion GPU cloud services deal<\/a> with Microsoft, giving the tech giant access to Nvidia GB300 GPUs hosted in IREN\u2019s data centers<\/p>\n

The bank trimmed its estimates for Marathon Digital and Riot, arguing that lower Bitcoin prices and larger share counts are weighing on the two miners\u2019 sizable coin inventories.<\/p>\n

The surge in miner stocks also coincided with a mild rebound in the price of Bitcoin, which rose around 2% over the past 24 hours and was trading at around $89,000, according to CoinGecko data<\/a> at the time of writing.<\/p>\n

Magazine: <\/strong><\/em>Bitcoin miners steamrolled after electricity thefts, exchange \u2018closure\u2019 scam: Asia Express<\/strong><\/em><\/a><\/p>\n