Mining revenue falls below 3 cents! After bitcoin plummeted, miners collectively "abandoned mining" and turned to HPC for survival

According to a recent analyst report from Rosenblatt Securities, as bitcoin, the leading cryptocurrency, continues to decline, most bitcoin miners are no longer able to profit from digital asset operations.

The latest trading price for bitcoin is $64,143.00, down approximately 26% so far this year. Earlier on Tuesday, the price of bitcoin briefly fell below $63,000, nearing its lowest level in more than two weeks.

Rosenblatt analysts pointed out that the ongoing cryptocurrency downturn could further amplify risks faced by most bitcoin miners.

Chris Brendler, a Rosenblatt analyst, stated in a report to clients on Monday: "Currently, mining revenue has fallen below 3 cents, reaching a level where all but the most efficient mining machines are unprofitable."

Cryptocurrency mining is a highly energy-intensive process that involves validating digital transactions on a computer network to earn tokens (mostly bitcoin). The bitcoin hashrate price refers to the revenue miners can obtain per terahash of hashrate.

However, as bitcoin prices falter, the network hashrate price has also dropped, causing miners to invest significant costs with almost no profit.

According to Hashrate Index data, bitcoin hashrate price has dropped about 30% in the past three months, broadly in line with the decline in bitcoin itself. The latest hashrate price hovers around $28/TH/s/day.

Brendler wrote in the report: "The profitability of bitcoin mining continues to deteriorate. Even the historically low hashrate prices that weighed on our profit expectations last December now seem enviable in comparison."

As a result, some mining companies have seen their losses further expand.

Since 2026, Bitmine Immersion Technologies’ stock price has dropped 29%, MARA Holdings has fallen 13%, and CleanSpark has remained basically flat.

However, other miners have begun shifting to an alternative business that could help them turn losses into profits: high-performance computing services (HPC). For example, Cipher Mining and TeraWulf are shifting from bitcoin-focused operations to running high-performance computing systems for fast data processing and complex computations.

Brendler from Rosenblatt wrote: "Against the backdrop of growing demand from hyperscale enterprises, the profitability outlook for high-performance computing remains strong. We believe all miners should now be as aggressive as possible in transitioning from bitcoin mining to high-performance computing."

The analyst also noted that the Rosenblatt market-cap-weighted bitcoin mining index has only fallen 2% so far this year, mainly due to miners shifting to high-performance computing, offsetting losses from digital asset mining.

Editor: Ding Wenwu