Bitcoin $BTC mining profits have dropped to a historical low
According to a report by Miner Weekly, Bitcoin $BTC mining is currently in the most severe profit environment to date: as Bitcoin experienced a deep pullback in November, unit hash rate revenue fell from about $55/PH/s in the third quarter to about $35/PH/s, which is below the median total hash rate cost of about $44/PH/s for major listed mining companies, and profit pressure has shifted from theoretical to fully visible. With the entire network's hash rate approaching 1.1 ZH/s, the hash rate cost reflects the true revenue level under the difficulty cycle better than the cost of a single Bitcoin $BTC , leading to the latest generation of mining machines having a payback period of over 1,000 days, longer than the approximately 850 days until the next halving. As a result, CleanSpark, after raising over $1 billion through convertible bonds, has fully repaid its Coinbase credit line secured by Bitcoin ahead of schedule, indicating that mining companies are rapidly deleveraging and concentrating on preserving liquidity.
