The average cost to mine one Bitcoin has climbed to $88,000

Bitcoin Miners Are Bleeding: $88K Production Cost vs. $69K Price—43% of Supply Underwater

Bitcoin miners are in a tough spot. Checkonchain's cost model shows average production costs at $88,000—while BTC trades around $69,200. That's a 21% loss. The drop from $126K to sub-$70K was brutal enough, but now oil above $100 and the Strait of Hormuz shutdown are jacking up power costs even more.

The network is feeling it. Mining difficulty dropped 7.76% to 133.79T, one of the biggest cuts this year, down 10% from early 2025. Hashrate is bouncing between 900 and 950 EH/s, below the 1,000 EH/s peak. Block times are stretching past 12.5 minutes. Hashprice is hovering near $33 per PH/s—close to breakeven for many rigs.

Roughly 43% of Bitcoin's supply is now at a loss. That matters because miners often sell to cover costs when margins shrink, adding sell pressure. That's why you're seeing miners pivot hard: Marathon, Cipher, and others are leaning into AI and HPC. Bitdeer is down to zero BTC. Core Scientific is selling inventory to fund AI infrastructure. The next difficulty adjustment is coming in early April. If things don't improve, expect another drop.