Falling hashprice and declining Bitcoin value push mining companies toward cost-cutting, consolidation, and AI diversification.
The Bitcoin mining industry is facing renewed pressure as the hashprice — the key measure of mining profitability — plunges toward critical levels near $40 per petahash per second (PH/s). With Bitcoin prices struggling to recover from October’s market slump, miners are once again entering “survival mode,” cutting costs and exploring alternative revenue sources.
Hashprice Drop Pressures Mining Margins
The hashprice, representing the expected daily revenue per unit of computational power, has fallen sharply from $62 per PH/s in July to around $42 per PH/s in early November. Industry analysts warn that a further decline toward $40 could force small and mid-sized operators to power down their machines due to razor-thin margins.
Hash price plummets and nears a critical level. : TheMinerMag
The decline has rippled across the mining supply chain, where hardware orders have slowed and BTC-denominated contracts have lost value alongside the cryptocurrency’s price.
Hardware Makers Pivot to Self-Mining and AI
Manufacturers like Bitdeer have shifted to self-mining operations to offset weaker demand for rigs. Others are exploring diversification into AI computing and high-performance data centers, a trend accelerated by the rising Bitcoin network hashrate, which recently surpassed 1 zetahash per second (ZH/s).
“AI workloads offer higher and more stable returns than Bitcoin mining in this climate,” explained a senior mining consultant. “Companies with infrastructure in place are seizing the opportunity.”
The Bitcoin network hashrate continues to climb : CryptoQuant
Following the April 2024 Bitcoin halving, the block reward dropped to 3.125 BTC, intensifying profitability challenges. As electricity costs rise and hardware upgrades demand high capital expenditure, miners are turning to long-term AI infrastructure contracts.
In October, Cipher Mining signed a $5.5 billion agreement to supply compute power to a major cloud provider, while IREN closed a $9.7 billion GPU services deal with another tech giant in November.
With hashprice nearing $40 and operational costs mounting, the Bitcoin mining landscape is undergoing a significant shift. While some miners consolidate or shut down, others are evolving — leveraging their energy and data infrastructure to survive in a rapidly changing digital economy.
The new era of mining may no longer be just about Bitcoin — but about computing power itself.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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