Mining Shakeout

Bitcoin Minin

2026-06-28 14:01:05

2028 Halving Countdown: Bitcoin Mining Profitability Worsens and Business Model Shift — Who Will Survive the Shakeout?

Bitcoin mining is undergoing its most complex structural adjustment since the protocol's inception. With BTC price around $61,000 and network hashrate near 1 ZH/s, miners' actual daily revenue is only about $33 million, 136% below the theoretical $78 million. Fee revenue remains depressed at ~$0.22 million/day, far from the historical implied $9.7 million. Cost pressures are severe: in 2025, electricity costs accounted for 71.5% of total miner revenue of $17.2 billion, putting the industry breakeven around $65,000. Post-2028 halving, production costs could rise to ~$92,289, accelerating consolidation toward institutional miners with low-cost power, AI/HPC hosting, and diversified revenue streams.

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Bitcoin minin

2026-06-28 08:01:21

BIT Research: 2028 Halving Is Not the End — Bitcoin Mining's Real Shakeout Has Just Begun

The Bitcoin mining industry is undergoing its most complex structural adjustment since the protocol's inception. Despite BTC holding around $61,000 and network hash rate near 1 ZH/s (all-time high), miner profitability continues to deteriorate. BIT Research reports that multiple indicators — production cost, fee income, hash rate expansion, and industry security budget — show mining is operating near break-even. The 2028 halving will likely accelerate shakeout. Actual daily revenue is only ~$33 million vs. theoretical ~$78 million. Fee income averages just $220,000/day versus a historical implied ~$9.7 million. Electricity costs accounted for 71.5% of total revenue in 2025 ($12.3B out of $17.2B). Industry break-even price is ~$65,000; post-2028 halving, the lower cost bound could rise to ~$93,289, favoring large miners with low-cost power, AI/HPC hosting, and diversified revenue.

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Bitcoin minin

2026-06-28 04:31:04

BIT Research: 2028 Halving Is Not the End, the Real Shakeout of Bitcoin Mining Has Just Begun

Despite Bitcoin price hovering around $61,000 and the network hashrate approaching 1 ZH/s, miner profitability continues to deteriorate. Data shows that theoretical daily miner revenue is about $78 million but actual revenue is only $33 million, a gap of 136%. Fee income averages just $0.22 million per day, far below the historical implied ~$9.7 million. In 2025, total miner revenue was $17.2 billion, with electricity costs accounting for 71.5% ($12.3 billion). The industry-wide breakeven price is estimated at $65,000. BIT Research estimates that after the 2028 halving, the lower bound of production cost will rise to approximately $93,289, accelerating concentration among capital-rich, diversified miners. The competitive focus is shifting from hashrate expansion to business model upgrades.

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