#数字资产市场动态 【The Hidden Concerns Behind the New Hashrate High: Why Are Miner Profits Being Suppressed?】

There is a counterintuitive phenomenon happening in Bitcoin mining right now.

Mining hardware prices have dropped to bargain levels—about $3 per TH/s—but miners’ daily earnings have fallen below the critical $40 mark. The higher the hashrate climbs, the harder it becomes to make money. Instead of guessing, let’s look at the data.

In August 2025, the total network hashrate of Bitcoin historically surpassed 1 ZH/s. By December, it stabilized around 1.1 ZH/s. What does this mean? The global Bitcoin network is performing 110 quintillion hash calculations per second. The network’s security is at an unprecedented level, and the competition is also at a historic high.

The problem is—profits are collapsing.

Looking at the real survival indicator for miners—the hash price—is now only $35–38 / PH / day. The industry’s accepted standard is $40 to break even. That is, mining one unit of hashrate results in daily losses. Every kilowatt-hour of electricity consumed is burning profits.

This isn’t a technical issue at a certain link; fundamentally, it’s a structural problem. New generations of efficient mining machines are continuously coming online, but older machines haven’t fully exited the market. Energy costs, equipment depreciation, and other cost pressures coexist. The result is that network security is being infinitely strengthened, but unit profits are being forcibly pushed below the ceiling.

When hashrate hits a new high while the hash price hits a new low, the market is actually asking a very realistic question: who can still afford to keep playing?

What to watch next isn’t whether hashrate can continue to rise, but—how will the large-scale clearing of miners unfold? This step often signals the start of the next market phase.

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