Bitcoin Miners Struggle with $17,000 Production Cost Gap

Public Bitcoin miners have been operating at a loss due to production costs exceeding the price of Bitcoin by nearly 29%. According to a report by CoinShares, the average cost of mining one BTC was approximately $75,500 in the second quarter of 2026, while the price of Bitcoin at that time was $58,400. This gap of nearly $17,000 has caused significant financial strain on miners.

At least 35 EH/s (exahashes per second) of computational power is planned to be withdrawn from public miners, equivalent to about 4.7% of the current network hash rate of 750 EH/s. The low hash price, which hit a historic low in June 2026 at $27.7 per PH/s per day, has also contributed to the financial difficulties faced by miners.

However, some analysts suggest that this trend may be part of a natural cycle related to halvings and that the current decline is within historical bounds. The network hash rate decreased by about 27% from its peak in October 2025, above 1 ZH/s (zettahashes per second), maintaining Bitcoin's relatively high difficulty.