Bitcoin mining is entering a critical phase as even the most advanced ASIC rigs approach shutdown thresholds. Current BTC prices around $78,600 mean some of the latest mining models are operating at a loss, according to Bitmain profitability data.
Top machines such as Antminer S19 XP+ Hydro, WhatsMiner M60S, and Avalon A1466I are near shutdown levels at an electricity cost of $0.08 per kWh. Antminer S21 requires BTC prices between $69,000–$74,000 to break even, while some high-performance models like U2S23H and S23 remain profitable down to $44,000 per BTC.
Mining operators are reevaluating profitability, with some pausing operations, switching to altcoins like LTC, ZEC, DASH, or exploring AI computation to offset losses. BTC hash ribbon metrics indicate miner stress since November 2025, though many continue mining with a long-term BTC accumulation strategy.
The BTC hashrate hovers around 940 EH/s, slightly above seasonal lows. Difficulty adjustments over the past three months reflect miner shutdowns and withdrawals, but network stability remains intact. Leading mining pools include Foundry Digital (21.7% of blocks) and Antpool (15.5%), while some operators like Binance Pool intermittently reduce hashing power to mine under favorable conditions.
Current conditions highlight that the average BTC mining cost reaches $96,530, well above spot prices, limiting profitability to legacy miners or those with access to cheaper electricity. Analysts note the market could quickly shift, with mining operations adapting as prices and difficulty change.
