The recent sharp decline in the cryptocurrency market has put new pressure on the Bitcoin mining sector.
According to a new analytical note published by Rosenblatt, the fall in Bitcoin prices has made mining operations unprofitable for many companies.
Bitcoin, which was trading at $64,143 in recent trading, has lost about 26 percent of its value since the beginning of the year. Major cryptocurrencies briefly fell below $63,000 on Tuesday, nearing two-week lows. This price decline also led to a significant deterioration in key indicators that directly affect miners’ incomes.
Rosenblatt analyst Chris Brendler said revenues from mining are below 3 cents, adding that these levels are “unprofitable for all but the most efficient operations of miners.” Hash price, a key metric in Bitcoin mining, measures a miner’s daily revenue per terahash. However, in parallel with the fall in Bitcoin prices, this indicator has also fallen by around 30% in the past three months.
According to hashrate index data, the hash price on the Bitcoin network is currently 1 terahash, or approximately $28 per second per day. “The economics of Bitcoin mining are getting worse and worse. The record-low hash prices that weighed on December earnings expectations look almost attractive compared to today,” Brändler said in a statement.
The sector’s weakness was also reflected in the performance of listed mining companies. Since the beginning of 2026, Bitmine Immersion Technologies’ stock price has fallen 29%, while MARA Holdings has fallen 13%. Meanwhile, CleanSpark’s performance was flat over the same period.
However, some mining companies have begun to shift to other business models to make up for losses. In particular, the shift to high performance computing (HPC) services is gaining momentum. Companies such as Cipher Mining and TeraWulf have moved away from purely Bitcoin-focused activities and are concentrating on building high-speed systems for data processing and complex calculations.
Brändler said the HPC economics are improving due to increased demand from large technology companies, adding: “We believe that all possible miners should actively switch from Bitcoin to HPC.” Rosenblatt’s market cap-weighted Bitcoin Mining Index is down only 2% since the beginning of the year, according to the analyst. This limited decline is due to miners’ efforts to offset losses from digital asset mining by moving to HPC.
*This is not investment advice.
