Bitcoin mining profitability has reached an all-time low, according to Miner Weekly’s latest report. As November’s sharp Bitcoin price pullback weighed on the sector, miners are now grappling with hashrate revenues that no longer cover their operational costs.
The decline in BTC price has significantly affected mining economics. During Q3, miners were earning around $55 per petahash per second (PH/s). That figure has now dropped to just $35/PH/s. Meanwhile, the median all-in cost for major public mining companies sits at $44/PH/s—meaning most miners are now operating at a loss.
This alarming trend is putting tremendous pressure on even the most efficient operations.
Hashrate Surge and Difficulty Add to Miner Struggles
The total Bitcoin network hashrate is nearing an all-time high of 1.1 zettahash per second (ZH/s). While a rising hashrate usually signals confidence in the network, it also intensifies mining difficulty, reducing the share of rewards for individual miners.
This means the cost-per-hash now paints a clearer picture of actual earnings. As profitability shrinks, miners using even the latest-generation ASIC rigs are seeing their payback periods extend beyond 1,000 days. That’s longer than the 850 days remaining until the next Bitcoin halving, an event that will cut mining rewards in half once again.
If this trend continues, many smaller or less efficient miners may be forced to shut down or consolidate, potentially leading to centralization concerns in the mining space.
According to Miner Weekly, Bitcoin miners are now in their most difficult profitability environment ever, as November’s sharp BTC pullback pushed hashrate revenue down from roughly $55/PH/s in Q3 to about $35/PH/s, below the $44/PH/s median all-in cost for major public miners.…
— Wu Blockchain (@WuBlockchain) December 2, 2025
What’s Next for the Mining Industry?
The Bitcoin mining industry is approaching a critical crossroads. With the halving on the horizon and profit margins razor-thin, only the most efficient operators may survive the coming shakeout. Innovation in hardware, access to cheaper energy, and strategic partnerships may be the only way forward for miners aiming to remain profitable.
Unless BTC prices recover or mining costs decline significantly, the sector could witness a major shift in power dynamics—favoring the largest players with the deepest reserves.