Bitcoin mining profitability is at an all-time low, facing a historic squeeze as hashrate revenue falls below operational costs. This decline, driven by a sharp Bitcoin price pullback and increased network difficulty, presents serious challenges for miners. 850 days remain until the next halving event, where rewards will be cut in half again, further exacerbating the situation. As hashrate surges near an all-time high of 1.1 zettahash per second (ZH/s), the cost-per-hash makes it clear that even highly efficient miners are losing money. This raises concerns about the future of the sector, with potential for consolidation or closure of smaller operations. Only the most innovative and resourceful will survive as Bitcoin mining enters a crucial phase.