Svmuu According to Checkonchain's difficulty-based cost model data, the average production cost for Bitcoin miners is approximately $88,000, while the current market price is around $69,200, resulting in an average loss margin of about 21%. Bitcoin previously fell from $126,000 to below $70,000. The recent surge in oil prices above $100 has further increased electricity costs, and the actual closure of the Strait of Hormuz has tightened global oil and gas supply expectations, exacerbating cost pressures on miners.
On the network level, mining difficulty decreased by 7.76% in the latest adjustment to 133.79 trillion, one of the largest declines this year, representing a drop of about 10% from the beginning of the year. Hash rate has fluctuated between approximately 900 and 950 EH/s, below the 1 EH/s milestone reached in 2025, with the average block time extending to about 12 minutes and 36 seconds. Hash price hovers around $33 per PH/s, close to the breakeven point for most mining machines.
Currently, about 43% of the Bitcoin supply is in a state of loss. When mining revenue cannot cover operational costs, miners typically sell Bitcoin to cover expenses, increasing selling pressure in the market. Several listed mining companies, including Marathon Digital and Cipher Mining, are shifting resources towards AI and high-performance computing businesses. Bitdeer has reduced its Bitcoin holdings to zero, and Core Scientific plans to sell a significant portion of its inventory to fund AI-related infrastructure construction. The next difficulty adjustment is expected in early April; if current conditions persist, a further downward adjustment is possible.