CoinShares Says Up to 20% of Bitcoin Miners Are Unprofitable

Bitcoin mining profitability depends on the cryptocurrency's price, network hashrate, block rewards and electricity costs. CoinShares said hashprice fell to a nearly five-year low in the first quarter of 2026, squeezing miners' revenue. Cost pressures continue to push industry resources toward newer, more efficient mining machines and regions with cheaper electricity, hitting operators of older equipment hardest.

CoinShares estimated in its first-quarter 2026 report that about 15%–20% of Bitcoin mining machines worldwide were unprofitable, mainly because of outdated equipment or high electricity prices. Hashprice fell as low as about $28 per PH/s per day during the quarter before recovering to roughly $33, still near a five-year low. Publicly listed miners also sold more BTC during the quarter than they did in all of 2025.