As competition in the network intensifies and the revenue environment deteriorates, the profitability of the Bitcoin mining industry is facing new pressures.
The Miner Mag report indicates that Bitcoin miners are encountering a new wave of pressure as the network hash rate (a measure of the total computational power securing the Bitcoin network) surged to a record 1.16 ZH/s in October, while the price of Bitcoin (BTC) fell to $81,000 in early November.
Hash prices (which track miner revenue per unit of computational power) have dropped below $35 per hash, down from the median total hash price of $45/PH/s reported by publicly traded mining companies. This decline has pushed several operators to the brink of breakeven.
The report notes that the payback period for mining machines has extended to over 1,200 days, while financing costs across the industry continue to rise, further exacerbating the pressure.
This decline follows a relatively stable third quarter, during which hash prices averaged around $55/PH/s, thanks to Bitcoin trading prices nearing $110,000. Increased network competition and the drop in Bitcoin prices in early November have pushed mining profitability to historic lows.
Financial strain is also accompanied by a surge in miner borrowing, primarily stemming from a wave of near-zero interest convertible bonds that emerged in the previous quarter.
According to the report's analysis, although miners are accelerating their shift towards artificial intelligence and high-performance computing (HPC), the revenue scale of these services remains too small to effectively offset the significant decline in Bitcoin mining income.
Despite the tightening economic conditions in the industry, all of the top ten publicly traded mining companies recorded gains in the past 24 hours, with CleanSpark, Cipher Mining, and IREN achieving double-digit increases on Monday.
This surge follows a research report released by JPMorgan, which raised the target prices for these three mining companies, indicating significant long-term growth in HPC and cloud computing transactions across the industry.
JPMorgan noted that Cipher's stock price has fallen about 45% from its peak, creating a more attractive entry point, and stated that the company is "well-positioned" to sign additional agreements with HPC clients.
In November, IREN signed a five-year, $9.7 billion GPU cloud services agreement with Microsoft, allowing the tech giant access to NVIDIA GB300 GPUs hosted in IREN's data centers.
The bank has lowered its expectations for Marathon Digital and Riot, believing that lower Bitcoin prices and a larger share count are dragging down the substantial coin holdings of these two mining companies.
The surge in mining stocks has also coincided with a slight rebound in Bitcoin prices, which rose about 2% in the past 24 hours, with the trading price around $89,000 according to CoinGecko data at the time of writing.
Related: Spot Bitcoin ETF sees outflows of $238 million, Ethereum ETF ends eight days of consecutive outflows
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