#美国证券交易委员会代币化股票交易方案 【Hashrate hits a new high, but miners are losing money—this is no coincidence】

There is a very distorted phenomenon happening in Bitcoin mining right now.

Hashrate is skyrocketing, and mining machines are being sold at bargain prices. It looks like business is booming, but in reality, miners are bleeding.

Let's look at the numbers first. In August 2025, the total network hash rate of Bitcoin first surpassed 1 ZH/s, and by December, it stabilized around 1.1 ZH/s. To put it simply— the global network is performing 110 quintillion hash calculations per second. The network is becoming more secure, and competition is intensifying.

But here’s the problem.

Mining machine prices have fallen to $3/TH/s, which seems like a bargain. However, miners’ average daily revenue has already dropped below $40, which is a death line for them. No matter how cheap the machines are, installing them still results in a loss.

To gauge how miners are doing, one indicator is enough—hash price. Currently, it’s only $35-38/PH/day. The industry’s widely accepted breakeven point is $40. In other words, every kilowatt-hour of electricity is being used to mine for exchanges, while miners are losing money themselves.

Why is this happening? It’s not a technical problem, but a structural one. New mining machines are continuously coming online, while old ones haven’t fully phased out. The costs of energy and equipment depreciation are hitting miners simultaneously. The result is: the network is becoming more secure, but miners’ livelihoods are getting harder and harder.

So, what’s truly worth watching is not how much more hash power can grow, but—how miners will clear out their positions in the coming period. This often marks the beginning of the next wave of market movement.

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