Experts have stated that there is a serious profit crisis in bitcoin mining.

December 1, 2025 Roman Petrov
Miners of the first cryptocurrency are facing the toughest profitability conditions in history. This conclusion was reached by TheMinerMag.

Industry experts noted in a weekly review that the third quarter began with a hash price of approximately $55 per PH/s per day. After a sharp correction of Bitcoin in November, the mining profitability metric fell to a "structural minimum" of $35 per PH/s.

"At this level, the stress from declining profitability is no longer theoretical but systemic," analysts stated.

According to the financial reports of major public miners, the median "hash rate cost" for them is approximately $44 per PH/s. This figure includes operational costs for equipment, corporate expenses, and financing maintenance. The value signals that even operators with an efficient fleet of installations and competitive electricity rates are balancing on the brink of profitability.

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"Hash price" at the largest public miners. Source: TheMinerMag.
The payback period for the latest generation of installations has already exceeded 1000 days — significantly longer than the approximately 850 days remaining until the next halving. The programmed event will reduce the block reward from the current 3.125 BTC to 1.5625 BTC.

Companies are responding to the situation with measures to improve their balance sheets, experts noted. CleanSpark decided to fully repay its Bitcoin-backed credit line from Coinbase just a few weeks after raising over $1 billion through a convertible bond issuance. This step illustrates how quickly miners are moving to reduce debt burdens and maintain liquidity.

The picture is confirmed by the funding dynamics in the third quarter. Companies in the industry raised about $3.5 billion through convertible bonds with nearly zero coupon. Another $1.4 billion in funding came in the form of equity.

At the beginning of the fourth quarter, the situation changed. Miners began attracting funds through more expensive senior secured bonds with a yield of around 7%. Only Cipher Mining and Terawulf have raised nearly $5 billion in this way for the expansion of AI services. The trend indicates that this period may turn out to be record-breaking for the industry in terms of attracting borrowed funds.

"This raises an uncomfortable question: will the revenues from high-performance computing and AI scale quickly enough to offset both the collapse of hash prices and the increase in debt? Preliminary data show growth, but it is still insufficient for the sector to withstand several quarters of stagnation in the mining economy. So far, everything points to one thing: the industry is entering a phase of restructuring," analysts concluded.

CryptoSlate reported that at the beginning of November, seven out of the 10 largest miners by hash rate reported earning income from activities in AI or high-performance computing. The other three plan to follow their lead.

Let us remind you that Bitfarms announced a gradual phasing out of its bitcoin mining operations by 2027 and a transition towards the development of AI infrastructure.

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