Bitcoin Mining Cost Reaches $88,000, Miners Facing Pressure Amid Market Conditions

According to Checkonchain's cost model data based on difficulty, the average production cost for Bitcoin miners is around $88,000, while the current market price is approximately $69,200, resulting in an average loss of about 21%. Recent events such as the rise in oil prices to over $100 further increasing electricity costs and the actual closure of the Strait of Hormuz tightening global oil and gas supply expectations have intensified cost pressures on miners. On the network side, mining difficulty has dropped by 7.76% in the latest adjustment to 1.3379 trillion, one of the largest declines this year, down about 10% from the beginning of the year. Hashrate fluctuates between approximately 900 to 950 exahashes per second, below the milestone of 1 exahash reached in 2025, with average block times extending to around 12 minutes and 36 seconds. The hash price hovers around $33 per PH/s, close to the breakeven point for most mining machines. Currently, about 43% of Bitcoin supply is in a loss-making state. When mining revenue cannot cover operating costs, miners typically sell Bitcoin to cover expenses, adding to market selling pressure. Several listed mining companies, including Marathon Digital and Cipher Mining, are shifting resources to AI and high-performance computing businesses, while Bitdeer has reduced its Bitcoin holdings to zero, and Core Scientific plans to sell a large amount of inventory to fund AI-related infrastructure development. The next difficulty adjustment is expected in early April, and if the current situation persists, it may further decrease.

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