CoinShares: 15-20% of Bitcoin Miners at Loss Post-Halving

A new report from asset manager CoinShares reveals that approximately 15 to 20 percent of the global Bitcoin mining fleet is operating at a loss, as declining revenue metrics and persistent post-halving pressures squeeze profitability for less efficient operators.

The analysis, covering the first quarter of 2026, points to a sharp drop in hash price, a key indicator of daily mining revenue per unit of computational power. Hash price fell from around 36 to 38 dollars per petahash per second per day in the fourth quarter of 2025 to about 29 dollars in early 2026, before recovering slightly to roughly 33 dollars by late March. This downturn has made mining uneconomical for hardware less efficient than the S19 XP model when electricity costs exceed 6 cents per kilowatt-hour. Mid-generation machines, in particular, require power rates below 5 cents per kilowatt-hour to break even, leaving operators with older equipment or higher energy expenses in the red.

The challenges stem from a combination of factors following Bitcoin's April 2024 halving, which reduced block rewards and intensified competition. Network hashrate reached near-record levels despite three consecutive negative...