2025 Delivered the Toughest Profit Margins on Record

[bonk]

The past year marked one of the harshest environments Bitcoin miners have ever faced. The April 2024 halving cut block rewards in half, while falling crypto prices and macroeconomic pressure further squeezed margins throughout late 2025.

Miner hash price — a key measure of profitability — fell below breakeven levels in November, forcing many operators to shut down rigs or absorb losses. Even with Bitcoin prices rebounding in early 2026, profitability remains fragile across much of the mining sector.

[cryptobro]

hash price below breakeven is where the weak hands get flushed out