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BTC mining depended on the latest ASIC machines to give it an edge. At current BTC prices, however, even the latest models may be close to shutdown values.
BTC mining is entering the shutdown zone, even for the most advanced ASIC models. Based on Bitmain’s profitability data, some of the most common models are already mining at a loss.
The model comparison was made at $0.08 per kWh, where several advanced mining machines are near shutdown levels. The most affected machines are Antminer S19 XP+ Hydro, WhatsMiner M60S, and Avalon A1466I.
BTC mining ASIC models are going underwater, even for relatively advanced rigs. | Source: AntpoolFor Antminer S21, the shutdown price is between $69,000 and $74,000 per BTC. Some high-performance models, such as U2S23H and S23, can remain profitable even at $44,000 per BTC.
BTC mining operations question profitability
The exact profitability of mining operations may vary, as there is an element of luck to block discovery. However, the calculation may affect the holders of big data centers, who may make a decision to shut down operations until more profitable times.
Some miners seek slightly higher profitability from BCH, while other operations mine altcoins like LTC, ZEC, and DASH. The efficiency of mining rigs varies by coin, although DASH mining incurs losses for most ASIC models.
The requirement to use the latest ASIC models also means mining companies may be facing a choice on discontinuing operations, instead of re-arming with new machines. The unprofitable mining conditions may accelerate the shift of some miners to AI computation.
BTC miners are currently producing blocks under distressing conditions, as indicated by the hash ribbon metric. On average, BTC mining has been in distress since November 2025, though most operations continued in a bid to store BTC with a longer-term outlook.
BTC hashrate stays near season’s lows
The BTC hashrate remained around 940 EH/s, slightly higher than the recent seasonal lows. BTC difficulty has been adjusted downward for the past three months, reflecting the shutdowns and withdrawals of some mining operations.
Foundry Digital is the leading mining pool, solving around 21.7% of blocks. Antpool, with 165 Eh/s, solves 15.5% of blocks. Some, like Binance Pool, often shut down some of their hashing power to only mine under more favorable conditions.
Others, like Mara Holdings, never shut down mining and use all their centers for a total of 61.7 EH/s. Mara Holdings is both a pool and a self-contained operation, retaining block rewards for its reserves.
The current mining conditions have not sparked fears of a mining spiral, as the network adapts to the lower hashrate. The mining conditions may shift quickly and change profitability for some mining centers. On average, the cost of mining one BTC is as high as $96,530. BTC traded at $78,595.52, potentially only bringing profits to legacy miners or those with access to even cheaper electricity.
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