Hashrate Price Below $40? Mining Report Paints Grim Picture for Bitcoin Miners

Bitcoin miners will face the smallest margins since 2023 as the cost of hashrate approaches the critical breakeven point, according to Wolfie Zhao, head of research at theminermag.com.

Trump's tariffs are increasing tensions among miners already struggling due to rising difficulty, study finds

According to data compiled by Wolfie Zhao for theminermag.com, the hash rate price temporarily dipped below $40 per petahash per second in early April, down from the $45–$50 range seen in March. Zhao points out that the $40 mark is the breakeven point even for publicly traded companies, adding to the pressure for consolidation in the industry.

The report notes that two consecutive 1.43% difficulty increases in March and another 6.81% increase this month have coincided with declining fees, which now represent less than 1.2% of the block reward. Zhao estimates that weak transaction revenues are exacerbating energy costs, leaving the median hashing cost for public miners at around $34 per petahash.

Source: report published by theminermag.com.

Bitfarms and Hut 8 bucked the trend by increasing their realized hashrate by about 16% and 80% respectively, Zhao wrote, while MARA remains the only miner to exceed 40 exahash. However, research from theminermag.com shows that registered Bitcoin miners liquidated 42% of their March output, the highest since October, as companies like Cleanspark shifted their strategy from a full “hodl” stance to selling assets.

Market sentiment reflects operational stress. Investor anxiety has been heightened by Trump’s tariff proposals, which threaten the supply chain of application-specific integrated circuits (ASICs). The price-to-hash ratio on Theminermag.com, as detailed by Zhao, has fallen to $50 per terahash (TH/s), halving its post-election peak and pushing the sector’s market cap below $20 billion.

Zhao concludes that further growth in hashpower from efficient operators, coupled with uncertainty surrounding hardware due to tariffs, could accelerate capitulation among small private miners if the cost of hashpower does not recover.

Source: cryptonews.net