{"id":95634,"date":"2026-03-26T16:16:45","date_gmt":"2026-03-26T13:16:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95634"},"modified":"2026-03-26T16:20:24","modified_gmt":"2026-03-26T13:20:24","slug":"coinshares-analysts-report-20-of-bitcoin-miners-capitulate","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinshares-analysts-report-20-of-bitcoin-miners-capitulate\/","title":{"rendered":"CoinShares Analysts Report 20% of Bitcoin Miners Capitulate"},"content":{"rendered":"

Conditions for mining the premier cryptocurrency have become so stringent that much of the equipment worldwide is operating at a loss, according to a report by CoinShares<\/a>.<\/p>\n

Analysts noted that the fourth quarter of 2025 was the most challenging for bitcoin miners since the last halving<\/a>. The average cost of mining one coin for public companies reached $79,995.<\/p>\n

\"image\"
Source: CoinShares.\u00a0<\/figcaption><\/figure>\n

Meanwhile, the hashprice<\/span> dropped to $36-38 per PH\/s per day. Three consecutive negative difficulty adjustments, recorded for the first time since July 2022, signaled miner capitulation.<\/p>\n

In the first quarter, the figure fell even further to $29, indicating new challenges for the industry, analysts noted.<\/p>\n

At the time of writing, the figure had recovered to $33.6, yet it remains one of the lowest levels in five years.\u00a0<\/p>\n

\"image\"
Source: Hashrate Index<\/a>.\u00a0<\/figcaption><\/figure>\n

The pressure on miners has already impacted the network. On March 20, bitcoin mining difficulty plummeted<\/a> by 7.7% \u2014 one of the sharpest declines this year.\u00a0<\/p>\n

Unprofitable Operations<\/h2>\n

CoinShares experts estimate that 15-20% of miners are operating at a loss. Those at risk include operators with outdated equipment and high electricity costs.<\/p>\n

Miners using mid-generation devices are operating below the break-even point at the current hashprice \u2014 particularly if they pay over $0.05 per kWh for electricity. To remain profitable, they need rates below this threshold.<\/p>\n

Modern farms maintain high margins even at standard industrial rates.<\/p>\n

Analysts warned that stagnation in bitcoin’s price will worsen the situation for market participants. According to James Butterfill, head of research, a prolonged downturn will lead to the shutdown of unprofitable operations, slowing the growth of the hashrate<\/a> and eventually balancing profitability.<\/p>\n

\n

\u201cIf the price does not rise above $80,000 by the end of the year, the hashprice will continue to decline and then likely plateau. This will occur as weaker players exit the network,\u201d he suggested.\u00a0<\/em><\/p>\n<\/blockquote>\n

Specialists believe the current situation is not a cyclical phenomenon but a structural narrowing of the circle of viable operators. Only those with structural advantages, such as efficient equipment and access to cheap electricity, will survive.\u00a0<\/p>\n

At the time of writing, the leading cryptocurrency is trading around $69,300. Over the past day, the asset’s price has fallen by 3% (CoinGecko<\/a>).\u00a0<\/p>\n

In March, Wintermute analysts declared<\/a> the traditional bitcoin mining model obsolete.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Conditions for bitcoin miners have become so stringent that much of the equipment worldwide is operating at a loss, according to a report by CoinShares.<\/p>\n","protected":false},"author":1,"featured_media":95635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"CoinShares reports 20% of bitcoin miners capitulate amid challenging conditions.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1191,1137,1138],"class_list":["post-95634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-coinshares","tag-cryptocurrency-mining","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"48","promo_type":"1","layout_type":"1","short_excerpt":"CoinShares reports 20% of bitcoin miners capitulate amid challenging conditions.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=95634"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95634\/revisions"}],"predecessor-version":[{"id":95636,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95634\/revisions\/95636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/95635"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=95634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=95634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=95634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}