Bitcoin Mining Sector Sees Tightest Margins Since 2024 Halving

The Bitcoin mining sector is facing its toughest margins since the 2024 halving, according to CoinShares' latest quarterly review. Listed miners slipped below cash breakeven in the second quarter of 2026, with a weighted average pre-tax cash cost to produce one Bitcoin reaching around $75,500.

The average hash price dropped to a record-low of $27.7 per petahash per second per day in June, further compressing revenue for miners despite elevated energy and operating expenses.

Several firms have already shut down or begun winding down their self-mining operations, redirecting capital and power towards data-center leases as the sector grapples with cash losses. Core Scientific's decision to terminate a large equipment contract with Block Inc. and Proto Global LLC is a notable example, resulting in a $41.9 million loss recorded in the second quarter.