Miner margins are collapsing as hash price hits record lows. This guide explains 2025 economics, break-even tests and what struggling operators can do.
Miners are working through one of the toughest margin environments the industry has faced in years.
According to a recent breakdown, hash revenue for large public miners has fallen from about $55 per petahashes (PH) per day in Q3 to roughly $35 per PH/day today. Their median all-in cost sits near $44 per PH/day. In other words, a significant part of the sector is now mining at a loss.
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