@laboommm

Rising energy costs have transformed cryptocurrency mining’s ROI from a high-return to a low-margin proposition, with industry consolidation accelerating and small miners bearing the brunt of losses. In October 2025, Bitcoin’s network hash rate reached a record 1.1 ZH/s, but the hash price fell below $35 per PH/s, while the median hash rate cost for public miners stood at $44.8 per PH/s in Q3. This means even the most efficient miners are only barely breaking even. By November, Bitcoin’s mining difficulty hit an all-time high of 155 trillion, further increasing operational costs. The 2024 Bitcoin halving, which reduced block rewards to 3.125 BTC, worsened the situation—miners now need much higher Bitcoin prices to offset rising energy expenses. As a result, small miners with hash rates below 0.5 exahash are expected to see their market share shrink by 18% in 2025, and the ROI for new mining investments has become so unattractive that most institutional capital is staying on the sidelines.

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