Up to 20% of Bitcoin Mining Rigs Are Operating at a Loss

Up to 20% of global Bitcoin mining equipment is operating below break-even as hash price falls to $28–$30 per PH/s, according to CoinShares. CoinShares said mid-generation hardware such as the Antminer S19 XP can face negative cash flow unless electricity stays below $0.05 per kWh. CoinShares said the average mining cost for publicly traded miners rose to about $79,995 per BTC in the fourth quarter of last year. The report also pointed to three consecutive downward difficulty adjustments and said some miners are exploring AI and high-performance computing.