In short
- The Bitcoin mining revenue/loss sustainability index hit a 14-month low, in accordance with CryptoQuant.
- The metric measures the value of Bitcoin versus the profitability of operating a Bitcoin mining operation.
- Shares of publicly traded BTC miners have fallen by double digits this week.
Bitcoin miners are struggling to eke out a revenue these days amid the asset’s falling value and exterior issues, together with a winter storm that rocked a big chunk of the USA final weekend, impacting the manufacturing of high mining companies.
A ratio that tracks the connection between Bitcoin’s value and the profitability of operating Bitcoin mining operations has hit a 14-month low, in accordance with knowledge from CryptoQuant.
“The miner revenue/loss sustainability index is at 21, the bottom since November 2024,” the agency wrote in its newest mining report, launched Thursday.
In different phrases, with Bitcoin’s value falling sharply this week and its present mining issue degree, miners are “extraordinarily underpaid,” in accordance with CryptoQuant. And that’s even though the community’s hash fee, or the measurement of all of the community’s pc energy, has dropped in 5 consecutive epochs and is at its lowest mark since September 2025.
Along with Bitcoin miners being “extraordinarily underpaid” based mostly on the aforementioned index, some have been severely impacted by a latest main winter storm that blanketed the jap United States, barraging a number of states in ice and snow.
The winter storm, which led to an extra lower in hash fee, additionally dropped every day mining revenues to a yearly low of $28 million, in accordance with the information agency.
The manufacturing lower coincided with a bleaker marketplace for conventional equities and crypto property, the place shares in publicly traded miners like MARA Holdings, CleanSpark, and Riot Holdings all have fallen by double-digit percentages within the final 5 buying and selling days.
Bitcoin has fared solely barely higher, dropping 6% within the final seven days to alter fingers at $83,956—about 33% beneath its October all-time excessive of $126,080.
Earlier this week, knowledge from the Cambridge Bitcoin Electrical energy Consumption Index highlighted that it now prices extra to mine BTC than to purchase it on the open market.
The monetary difficulties, and alternatives supplied by demand for AI compute, have led some publicly traded miners like Bitfarms and Bit Digital to fully wind down their operations searching for extra useful enterprise fashions for shareholders.
A consultant for CryptoQuant didn’t instantly reply to Decrypt’s request for remark.
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