Bitcoin mining industry faces profitability crisis

The Bitcoin mining industry is facing a severe profitability crisis, according to an analysis by TheMinerMag. The publication noted that the hashprice has plummeted from a third-quarter average of around $55 per PH/s to its current level of $35. As a result, the payback period for new mining equipment now exceeds 1,000 days—longer than the roughly 850 days remaining until the next Bitcoin halving. Mining stocks have also plummeted since mid-October, with MARA Holdings (MARA) down approximately 50%, CleanSpark (CLSK) down 37%, and Riot (RIOT) down 32%. HIVE (HIVE) recorded the largest drop at 54%.