Bitcoin miners have struggled to turn a profit in recent days amid falling Bitcoin prices and external complications such as the winter storm that rocked much of the United States over the weekend and affected production at top mining companies.
Ratio that tracks the relationship between Bitcoin price and operational profitability Bitcoin Mining operations hit 14-month low; According to CryptoQuant data.
“The Miner’s P&L Sustainability Index is 21, the lowest level since November 2024,” the company said in its latest mining report released on Thursday.
In other words, miners’ wages are “extremely low,” according to CryptoQuant, given the significant drop in the price of Bitcoin this week and the current high mining difficulty. And that’s despite the fact that the network’s hash rate, a measure of network-wide computing power, has declined for five consecutive epochs and is at its lowest level since September 2025.
Based on the aforementioned metrics, in addition to Bitcoin miners being “very poorly paid,” some severely affected by recent major winter storms It blanketed the eastern United States, blanketing multiple states with ice and snow.
The data firm said the winter storm caused hashrate to drop further and daily mining revenue to drop to $28 million, the lowest of the year.
This decline in production coincides with a darkening of the market for traditional stocks and crypto assets, with shares of publicly traded miners such as MARA Holdings, CleanSpark, and Riot Holdings all falling by double-digit percentages over the past five business days.
Bitcoin’s price gains have been modest, declining 6% over the past seven days and sitting at $83,956, about 33% below October’s all-time high of $126,080.
Earlier this week, Cambridge Bitcoin Power Consumption Index emphasized that it is now Mining BTC is expensive than buying on the open market.
Financial difficulties and the opportunities presented by the demand for AI computing have led to the entry of some publicly traded miners, including: bit farms and bit digital Completely wind down the business in search of a business model that is more profitable for shareholders.
A CryptoQuant representative did not immediately respond. decryption Request for comments.
