Mining Revenue Falls Below 3 Cents: Bitcoin Miners Collectively "Abandon Mining" and Turn to HPC for Survival After Bitcoin Plummets
A recent analyst report from Rosenblatt Securities shows that as the leading cryptocurrency Bitcoin continues to fall, most Bitcoin miners are no longer able to profit from their digital asset businesses.
TMG Core's booth featuring cryptocurrency miners in liquid immersion cooling tanks.
Bitcoin's latest trading price is $64,143.00, down approximately 26% year-to-date. Earlier Tuesday, Bitcoin prices briefly fell below $63,000, approaching a two-week low.
Rosenblatt analysts point out that this continued decline in cryptocurrency could further exacerbate the risks facing most Bitcoin miners.
“Mining revenue is currently below 3 cents, to the point where all but the most efficient miners are unprofitable,” Chris Brendler, a Rosenblatt analyst, wrote in a report to clients on Monday.
Cryptocurrency mining is a high-energy-consumption process that earns tokens (mostly Bitcoin) by verifying digital transactions on a computer network. Bitcoin hashrate price refers to the revenue miners can earn per terahash of computing power.
However, as Bitcoin prices falter, its network hashrate price falls in tandem, leaving miners with high costs and almost no profit.
Hashrate Index data shows that Bitcoin hashrate price has fallen by about 30% over the past three months, roughly in line with the decline in Bitcoin itself. Its hashrate price is currently hovering around $28/terahash/second/day.
“Bitcoin mining profitability continues to deteriorate. Even the historic low hashrate prices that weighed on our earnings expectations last December look enviable by comparison,” Brendler wrote in the report.
This has led to further widening losses for some mining companies.
Bitmine Immersion Technologies stock has fallen 29% since 2026, MARA Holdings has fallen 13%, and CleanSpark has remained relatively flat.
However, other miners have begun to turn to an alternative business that can help them reverse losses: high-performance computing services (HPC). For example, Cipher Mining and TeraWulf are adjusting their Bitcoin-centric businesses to operate high-performance computing systems for high-speed data processing and complex calculations.
“With growing demand from hyperscale enterprises, the profitability outlook for high-performance computing businesses remains positive. We believe all miners should be aggressively pivoting from Bitcoin mining to high-performance computing wherever possible,” wrote Rosenblatt’s Brendler.
The analyst also noted that Rosenblatt’s market-cap-weighted Bitcoin mining index has fallen only 2% year-to-date, largely due to miners shifting to high-performance computing businesses, offsetting losses from digital asset mining.