Miners feel the squeeze as costs surge.
By Maxime Laurent · 2025-12-03 10:36
Miners feel the squeeze as costs surge.
BTC miners’ rising costs clash with record hashrate; profits thin.
While models hint that $BTC is trading far below its fair value, the mining side of the story tells us why the pressure can’t last forever. Despite the network smashing into a historic 1 ZH/s hashrate, miners saw profitability fall sharply in the second half of the year.
The average cost to mine a single coin among U.S.-listed miners has jumped to $74,600 — and when you factor in depreciation, dividends, and all the hidden bits of the business, the real average cost swells to around $137,800. No wonder the lads are sweating under their rigs 😅.
Transaction fees hitting historical lows didn’t help either: less than 1% of block rewards in H2. With rewards drying up, miners are pivoting fast into AI and high-performance computing, trying to diversify before the squeeze gets too tight. Sacré boulot to keep these operations alive.
From here on my sunny balcony, it feels obvious: when miners bleed, the market rarely ignores it for long. Something’s gotta give.
#bitcoin #btc #mining #cryptomarket #analysis
BTC miners’ rising costs clash with record hashrate; profits thin.
While models hint that $BTC is trading far below its fair value, the mining side of the story tells us why the pressure can’t last forever. Despite the network smashing into a historic 1 ZH/s hashrate, miners saw profitability fall sharply in the second half of the year.
The average cost to mine a single coin among U.S.-listed miners has jumped to $74,600 — and when you factor in depreciation, dividends, and all the hidden bits of the business, the real average cost swells to around $137,800. No wonder the lads are sweating under their rigs 😅.
Transaction fees hitting historical lows didn’t help either: less than 1% of block rewards in H2. With rewards drying up, miners are pivoting fast into AI and high-performance computing, trying to diversify before the squeeze gets too tight. Sacré boulot to keep these operations alive.
From here on my sunny balcony, it feels obvious: when miners bleed, the market rarely ignores it for long. Something’s gotta give.
#bitcoin #btc #mining #cryptomarket #analysis
Disclaimer: This content is for informational purposes only and not financial advice.