CoinShares says up to 20% of Bitcoin miners are unprofitable

CoinShares says up to 20% of Bitcoin miners may be unprofitable at current hashprice levels, particularly those running older machines or paying higher power costs.

Bitcoin mining economics are tightening to levels that are pushing a portion of the global fleet below profitability, according to a report from asset manager CoinShares. 

In its Bitcoin mining report for Q1 2026, CoinShares said hashprice, a key measure of miner revenue, fell to around $28 per petahash per second per day (PH/s/day) in February 2026, marking a new post-halving low and compressing margins across the sector. 

At the time of writing, mining data provider Hashrate Index shows that hashprice has recovered to about $33 PH/s/day, though it remains among the lowest levels seen in the past five years. Even with the recovery, CoinShares estimates that roughly 15% to 20% of the global Bitcoin mining fleet is unprofitable at these levels, particularly among operators running older hardware or facing higher electricity costs.

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