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Bitcoin’s Industrial Crunch: Miners Face ‘Survivorship Phase’ as Margins Collapse
By
Coin Edition
about 1 month ago
INDUSTRIAL
BTC
READ
CIN
- The Crunch: Median mining costs ($44/PH/s) have overtaken revenue ($35/PH/s), forcing miners to operate at a loss.
- The Pivot: Q4 is on track to be the sector’s largest debt-raising quarter (~$5B) as equity markets dry up.
- The Warning: Machine payback periods now exceed 1,000 days—longer than the time remaining until the next Halving.
The U.S. Bitcoin mining sector has entered a critical “survivorship phase,” with November data confirming a structural inversion in mining economics. For the first time in this cycle, the median cost to produce hashrate has significantly exceeded the revenue it generates, forcing public miners to pivot from aggressive expansion to defensive liquidity management.
Analysts Reginald Smith and Charles Pearce noted that the daily block reward gross profit fell 26% in October. The network’s average hashrate slipped 1% to 1,074 EH/s after…
Read The Full Article Bitcoin’s Industrial Crunch: Miners Face ‘Survivorship Phase’ as Margins Collapse On Coin Edition.
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