Current Profitability Challenges
According to a report by BIT Research, despite Bitcoin's price holding around $61,000 and the network hashrate approaching a record 1 ZH/s, miner profitability is steadily eroding. Data shows that at the current price, the theoretical daily revenue for all miners should be about $78 million, but actual revenue is only $33 million — a 136% gap. Meanwhile, transaction fee income remains persistently low, averaging just $220,000 per day, far below the historical implied level of approximately $9.7 million. This indicates an overwhelming reliance on block rewards, and with each halving reducing new issuance, the pressure on miner earnings will only intensify.
Revenue Structure and Cost Analysis
In 2025, total Bitcoin miner revenue reached approximately $17.2 billion, of which electricity costs alone accounted for $12.3 billion, or 71.5% of total revenue. Global mining hardware investment totaled about $4.5 billion. Integrated calculations place the industry's breakeven price at roughly $65,000, meaning that at current prices around $61,000, pure mining operations can no longer sustain ideal profit levels. Miners are increasingly forced to transition from pure Bitcoin producers into infrastructure operators, energy managers, and AI/HPC computing power providers. The competitive focus is shifting from hashrate expansion to business model upgrades.
Post-2028 Halving Industry Restructuring
Forecasts indicate that after the 2028 halving, the lower bound of Bitcoin production costs will rise to approximately $93,289. This will accelerate market exit and concentrate mining power among a few large, well-capitalized, and diversified miners. Compared to traditional miners reliant on block rewards, institutional miners with access to low-cost power, AI/HPC colocation services, and stronger balance sheets will gain a decisive competitive edge in the next cycle. The above insights are drawn from the BIT on Target report.
