Bitcoin mining profitability is coming under renewed pressure as weaker BTC prices collide with persistently high network difficulty. Based on Antpool data using a benchmark power cost of $0.08 per kilowatt-hour, several older and mid-tier machines have already fallen below their so-called shutdown prices, meaning operating revenue no longer covers core electricity costs.
Older and mid-range rigs slip into the red
The report identifies Antminer S19 XP+ Hydro, Whatsminer M60S, and Avalon A1466I among the models that have become uneconomical to run under current market conditions. For smaller mining operators, this kind of margin compression can quickly translate into balance-sheet stress, especially when hardware fleets are concentrated in aging equipment with weaker energy efficiency.
The profitability slump followed bitcoin’s drop to a multi-month low just above $74,500 on Feb. 2. Although the asset later stabilized somewhat, the pressure on miners remained visible. The article notes that bitcoin is down more than 10% since the start of the year, reducing the revenue cushion that miners rely on when difficulty remains elevated.
Even newer S21 machines are approaching viability limits
The squeeze is now extending beyond older rigs. According to the report, the Antminer S21, S21+, and S21 Hyd. are also nearing critical operating thresholds. With bitcoin trading around $75,000 as of 6 p.m. EST on Feb. 3, 2026, these units were said to be approaching a shutdown range of roughly $69,000 to $74,000, leaving only a narrow margin for profitable operation.
Cryptoquant added that the miner profit-and-loss sustainability index has fallen to its lowest level in 14 months, suggesting miners are being paid unusually poorly for the computing power they contribute to the network. Under such conditions, some operators may choose to unplug machines rather than continue absorbing losses.
High-efficiency hardware still holds up
Not all hardware is under equal stress. Bitmain’s newer flagship units, including the Antminer U3S23H and Antminer S23 Hydro, remain comfortably profitable due to stronger energy efficiency. Their estimated shutdown prices are reported to be above $44,000, giving them a much wider cushion at current BTC levels.
The broader backdrop remains challenging. A severe winter storm in North America has already forced some large-scale miners to curtail operations to help protect power grids. At the same time, while Bitcoin network difficulty declined by about 1% in early 2026 to 146.4 trillion, it is still near historical highs. If bitcoin weakens further, the market will be watching for a broader hash rate retreat that could eventually trigger a more meaningful downward difficulty adjustment.