Matthew Sigel, head of digital assets research at VanEck, said Bitcoin network hashrate is near an all-time high at 1,038 EH/s, with the next halving expected in April 2028. Based on his assumptions, miners may need a much higher Bitcoin price to make new hardware economics work. Sigel said that under an electricity cost of $0.08, unchanged network hashrate, and a three-year depreciation schedule, an S21 XP miner priced at $3,459 would require Bitcoin to average about $100,000 from now until the next halving just to break even. He added that if the goal is to recover cash costs by the end of 2028, Bitcoin would need to trade at roughly $116,000. At the time of his comments, BTC was priced at $77,500. The figures frame the pressure on mining profitability under current network conditions and hardware costs, using a specific machine model and a fixed set of operating assumptions.
Odaily reported that Matthew Sigel, head of digital assets research at VanEck, said Bitcoin network hashrate is close to a record high at 1,038 EH/s, and the next halving is expected in April 2028.
Under an electricity price of $0.08, unchanged hashrate, and a three-year depreciation schedule, Sigel said an S21 XP miner priced at $3,459 would need Bitcoin to average about $100,000 from now until the halving to break even.
He added that if the target is to achieve cash payback by the end of 2028, Bitcoin would need to be priced at about $116,000. BTC is currently trading at $77,500.
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