Bitcoin mining profitability is under severe pressure, with up to 20% of the global mining fleet now operating at a loss, according to a CoinShares Q1 2026 report.
The hashprice, a key measure of miner revenue, dropped to $28 per petahash per second per day in February 2026 - a post-halving low. Though it has since recovered to $33, margins remain thin.
Miners using mid-generation hardware or paying over $0.05/kWh for electricity are most at risk. Only operators with efficient rigs or low-cost power maintain healthy margins.
On March 20, Bitcoin’s mining difficulty fell 7.7%, one of the sharpest drops this year, offering some relief as weaker miners exit the network.
James Butterfill, head of research at CoinShares, warned that if Bitcoin remains below $80,000, the hashprice could flatline as more unprofitable rigs are shut down.