What's happening
1. Mining difficulty at historic levels
The difficulty of mining Bitcoin has reached a record: 129 trillion, driven by a notable increase—6.4% in the last 90 days—in global hashrate.
This escalation is the greatest pressure faced by miners in years. It requires more computational power and energy to obtain the same rewards.
2. Miners' revenues are decreasing drastically
The hashprice, or income per unit of mining power, has fallen to just 60 USD per petahash/second, while transaction fees account for less than 1% of the total block reward, reaching historic lows.
3. Tariffs that worsen the situation
The United States has imposed significant tariffs on mining equipment: 57.6% on equipment imported from China and 21.6% from other countries like Indonesia, Malaysia, and Thailand.
Large miners like CleanSpark and Iris Energy are facing legal disputes that could result in million-dollar liabilities (up to 185 and 100 million USD, respectively).
What does it mean in practice?
Energy and hardware costs are far exceeding revenues, especially for smaller miners or those with outdated equipment.
Energy is the new currency for mining: those who have access to cheaper and more efficient electricity have a significant advantage.
Only the most efficient, well-capitalized, or vertically integrated operations will survive. Many others may close or enter consolidation processes.
Why is it so relevant?
This scenario marks one of the most difficult moments for Bitcoin miners in years. The convergence of:
high difficulty,
low revenue from fees,
high tariffs,
and pressure on profit margins,
jeopardizes the viability of many operations. Survival now depends on having low energy rates, advanced equipment, and the ability to adapt quickly.