Bitcoin Tumbles Below Mining Cost Threshold Amid Industry Pressure

Bitcoin spent an extended period below its estimated mining cost before rebounding briefly. The cryptocurrency had been trading below $85,000 for 280 consecutive days, exceeding a similar stretch in 2018 of around 224 days. This has put pressure on miners, who face higher costs and the need to sell more coins or shut down equipment.

Miners have responded by relocating to areas with cheaper power, selling older machines, and idling some hardware. As a result, network computing power was about 19% below its peak in October 2025, while mining difficulty dropped around 15%. The seven-day average hash rate fell from over 1,153 exahashes per second in mid-October to around 916 EH/s, a decline of about 20.6%

Some miners are redirecting electricity and data-center capacity toward artificial intelligence computing. AI customers are paying premiums for existing power and facilities, providing more predictable revenue than bitcoin mining this year.