Miners Are Turning Off Their Machines: Why Even New Rigs Can’t...

Miners are working through one of the toughest margin environments the industry has faced in years.

According to a recent breakdown, hash revenue for large public miners has fallen from about $55 per petahashes (PH) per day in Q3 to roughly $35 per PH/day today. Their median all-in cost sits near $44 per PH/day. In other words, a significant part of the sector is now mining at a loss.

At the same time, the network hashrate is hovering around 1.0-1.1 zettahash (ZH) per second, which means competition for each block is near record highs.

The punchline is return on investment (ROI): Even brand-new machines now show payback periods above 1,000 days, while the next halving is roughly 850 days away. If nothing changes, many miners buying hardware today may struggle to earn it back before the next halving unless market conditions improve.

This guide walks through how miner economics work in 2025, how to check whether your own machines are underwater and what options you realistically have if they are.

Post-halving, every miner is fighting over a smaller pie.

The block subsidy dropped from 6.25 Bitcoin (BTC) to 3.125 BTC in the 2024 halving, cutting the main component of miner revenue in half overnight.

With around 144 blocks per day, that is about 450 BTC in new issuance daily plus fees.

Meanwhile, the network’s hashrate has climbed into the zettahash zone at around 1.0+ ZH/s on recent seven-day averages.

The result is an all-time low hash price, which is the USD revenue per PH/day of hashpower. Some crypto publications and other trackers put recent levels around $35-$38 per PH/day or roughly $0.03-$0.04 per terahash (TH) per day.

Source: CoinTelegraph