Bitcoin Miners Face Profound Profitability Crisis, Industry Re-evaluates Survival

The bitcoin mining industry is experiencing its worst profitability crisis in history, marked by a sharp decline in hashprice. This drop from $55 per petahash per second in Q3 to around $35 PH/s indicates a deep structural change, according to analysts. The price correction from Bitcoin’s record high near $126,000 in October to below $80,000 in November has fueled this decline. As the next Bitcoin halving nears, with 850 days remaining, miners face an uphill battle for survival. New-generation mining machines now require over a year to recoup their costs. This raises concerns about long-term viability.