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.