Miners Struggle Amid Rising Losses and $6K Cost-Price Gap

The second quarter of 2026 was a mixed bag for block reward miners. On one hand, some miners like ABTC reported revenue and mined more BTC than in Q1. On the other hand, many others are struggling with losses rising faster than revenue.

One major issue is that the average all-in cost of mining a single BTC token has exceeded its fiat value by ~$6,000. This is partly due to the need to replace older, less efficient ASIC mining rigs with newer, more expensive ones.

Miners are pivoting to serving as data centers for AI and HPC companies, offering a more predictable revenue stream. However, even this pivot has its challenges. Canaan Inc., for example, is selling off a portion of its BTC treasury to boost its share price.