#Mining
📉 Mining crisis: 20% of the world's fleet operates in the red
The global Bitcoin mining market is going through a serious test. Due to the drop in the price of $BTC in late 2025 and record network difficulty, a significant part of miners found themselves beyond the profitability limit.
🔍 Key figures from the CoinShares report:
• Hashrate in the red: 15-20% of the world's equipment operates at a loss.
• Survival price: Hash price fell to $28-30 per PH/day.
• Cost of production: The average cost of mining 1 BTC for public companies jumped to $79,995.
• Capitulation: At the end of 2025, three consecutive negative difficulty adjustments were recorded - the first since the summer of 2022.
🏗 Who is under attack?
Owners of the "legendary" but already outdated Antminer S19 suffer the most. Without access to ultra-cheap electricity (below $0.05/kWh), these devices have become expensive heaters.
🔄 Lifeline: AI and destocking
To survive, industry giants are choosing two strategies:
1. Diversify: Shift to AI and high-performance computing (HPC).
2. Sell: Core Scientific, Bitdeer, and Riot are actively liquidating their $BTC reserves to maintain liquidity.
Forecast: For the market to recover, the price of Bitcoin must firmly establish itself above $70,000. Otherwise, we will see a second wave of power outages and market consolidation in the hands of those with access to next-generation chips.
