Bitcoin miners operating at significant losses as average production cost hits $75.5K per BTC while spot price sits at $58.4K, triggering hardware cancellations and operational shutdowns.
Macro & Markets ·
According to CoinShares analysis, listed Bitcoin miners have fallen below cash breakeven in the aggregate during Q2 2026. The weighted average pre-tax cash cost to produce a single BTC reached approximately $75,500, while Bitcoin's quarter-end price stood at $58,400—a gap of roughly $17,100 per coin. The monthly average hash price declined to a record low of $27.7 per petahash per second per day in June, intensifying operational strain.
The cost-price disparity is triggering material industry adjustments. Core Scientific committed $41.9 million to cancel approximately 15 exahashes per second of next-generation mining hardware, while several publicly listed miners have begun or completed operational shutdowns rather than absorb ongoing losses.
The durability of this pressure remains unresolved—whether the price-cost wedge will narrow through price recovery, further mining consolidation, or technological efficiency gains is not yet determined by the available data.