After a relatively steady third quarter, Bitcoin mining faced a sharp decline in profitability during November. Hashprice plummeted to $35 per PH/s as the price of Bitcoin corrected. This has led to unprecedented pressure on miners across the board, highlighting a systemic issue impacting all players in the sector. 2025 Q3 MinerMag Report reveals average total hashcost for major public miners at roughly $44 per PH/s. Even highly efficient machines struggle to break even with mining revenues as high-cost operations and corporate expenses eat into profits. Cost-per-hash has become a more revealing metric, highlighting the widening gap between median and less efficient units. New-generation machines now face payback periods exceeding 1,000 days, far longer than the countdown to the next Bitcoin halving, further exacerbating profitability woes. For example, CleanSpark recently repaid its Coinbase bitcoin-backed credit line shortly after raising over $1 billion in convertible notes. This underscores a trend of prioritizing de-leveraging and liquidity as miners face collapsing hash price and shrinking margins. 2025 full fiscal year results from CleanSpark show promising growth with revenue exceeding $766 million, highlighting the company’s focus on AI expansion. The industry is experiencing pressure to diversify revenues beyond Bitcoin mining. This includes focusing on high-performance computing and AI as potential income drivers. Q3 2025 funding data shows miners seeking approximately $3.5 billion in debt, mainly via near-zero coupon convertibles, alongside $1.4 billion in equity financing. High-cost senior secured notes are rising at around 7%, with companies like Cypher and Terawulf alone raising over $5 billion this quarter. This suggests a record-breaking debt-raising period for Bitcoin mining, potentially creating more opportunities and challenges for the industry as it shifts its focus towards more efficient and sustainable approaches to profitability.