According to TheMinerMag, the Bitcoin mining industry is entering what is believed to be the deepest recession in its 15-year history, with even major publicly traded operators struggling to break even as mining revenues collapse and debt increases.
TheMinerMag said in its latest report that miners are operating in the “toughest margin environment in history” as hash prices (revenue per unit of computing power) have fallen from an average of about $55/petahash/second (PH/s) in the third quarter to about $35/petahash/second (PH/s). The magazine characterizes this level as a structural low rather than a temporary dip.
This deterioration followed a sharp correction in Bitcoin (BTC) prices, which fell from a record high of around $126,000 in October to less than $80,000 in November.
Under these circumstances, cost per hash has emerged as an obvious metric for miners. This highlights how efficiently miners convert power and capital into raw computational output, and reveals the growing gap between the average operator and only the most efficient survivors.
Data shows that new generations of mining machines are currently taking more than 1,000 days to recoup their costs, raising concerns given that Bitcoin’s next halving is approximately 850 days away.
Bitcoin mining costs across major publicly traded miners. Source: TheMinerMag
TheMinerMag said “balance sheets are reacting” to the deteriorating economic conditions and pointed to CleanSpark’s recent decision to fully repay its Bitcoin-backed credit line with Coinbase as a sign of the industry’s broader shift towards deleveraging and preserving liquidity.
Related: 13 years after the first halving, Bitcoin mining looks a lot different in 2025
Bitcoin mining stocks plummet
The fall in Bitcoin prices and the resulting pressure on hashrate coincided with broader declines across traditional markets, delivering a one-two punch to publicly traded mining companies.
MinerMag’s third quarter report notes “the sharpest decline in mining stocks since mid-October,” with losses accelerating across the sector.
Year-to-date performance of MARA stock. sauce: Yahoo Finance
MARA Holdings (MARA) has been the hardest hit, falling about 50% from its October 15 closing high. CleanSpark (CLSK) is down 37% and Riot Platforms (RIOT) is down 32% over the same period. HIVE Digital Technologies (HIVE) stock suffered the steepest decline, falling 54% from its October high.
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