Briefly
The Bitcoin mining revenue/loss sustainability index hit a 14-month low, in keeping with CryptoQuant.
The metric measures the worth 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 recently amid the asset’s falling worth and exterior problems, together with a winter storm that rocked a big chunk of the US final weekend, impacting the manufacturing of prime mining companies.
A ratio that tracks the connection between Bitcoin’s worth and the profitability of operating Bitcoin mining operations has hit a 14-month low, in keeping 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.
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In different phrases, with Bitcoin’s worth falling sharply this week and its present mining issue stage, miners are “extraordinarily underpaid,” in keeping with CryptoQuant. And that’s although 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” primarily based on the aforementioned index, some have been severely impacted by a current main winter storm that blanketed the japanese United States, barraging a number of states in ice and snow.
The winter storm, which led to an additional lower in hash fee, additionally dropped day by day mining revenues to a yearly low of $28 million, in keeping with the info 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 arms 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 offered by demand for AI compute, have led some publicly traded miners like Bitfarms and Bit Digital to utterly wind down their operations looking for extra helpful enterprise fashions for shareholders.
A consultant for CryptoQuant didn’t instantly reply to Decrypt’s request for remark.
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