Legacy Bitcoin Miners Face Cash Crunch: 15-20% of the Global Fleet Running in the Red

The current hash price environment is squeezing Bitcoin miners’ profitability. CoinShares estimates that 15-20% of the global mining fleet is operating at a loss at the current hash price of $28-30 per PH/day.

Key takeaways

Quick scan — what you need to know:

• The current hash price environment is squeezing Bitcoin miners’ profitability.
• CoinShares estimates that 15-20% of the global mining fleet is operating at a loss at the current hash price of $28-30 per PH/day.
• In Q4 2025, Bitcoin fell nearly 31%, from an early-October all-time high of almost $126,000 to around $86,000 by late December, while network hash rate remained near record levels, driving hash…
• Mining at a Loss According to the latest findings by CoinShares, miners operating mid-generation hardware, including models below the S19 XP, faced negative cash flow unless they had access to…

Background

What led here, in plain terms:

• These conditions put roughly one-sixth to one-fifth of the global mining capacity below breakeven, which is a clear signal of pressure on older and less efficient operators.
• The report found that the weighted average cost of production for publicly listed miners reached $79,995 per Bitcoin in Q4 2025, as a result of higher electricity costs, increased depreciation from…
• With hash prices compressed, the report identifies three consecutive negative difficulty adjustments in late 2025.
• This is a rare occurrence not seen since July 2022, and indicates miner capitulation.

Why it matters

Why readers and decision-makers should care:

• At current levels of around $30/PH/day, only the most efficient miners remain cash-positive, while older and less efficient fleets face losses.
• A steady BTC price above $70,000 could alleviate pressure, whereas prolonged weakness would likely trigger additional miner capitulation.
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