Half-Price Shock from All-Time High...Bitcoin (BTC) Miners Face Serial Bankruptcy Crisis

▲ Bitcoin (BTC), Cryptocurrency Mining/AI Generated Image

Bitcoin (BTC) miners are once again being put to the test as they face both a sharp drop in mining profitability and a surge in mining difficulty. Expected revenue per mining hash fell by 18.34% in one month, while mining difficulty rose by 7.15%, marking the second largest upward adjustment this year.

According to the cryptocurrency media NewsBitcoin on June 27 (local time), Bitcoin mining difficulty increased by 7.15% at block height 955,584 on June 26. This follows a sharp rebound after a 10.09% decrease in the previous adjustment, and with this adjustment, the difficulty has risen to 133.87 trillion.

The increase in difficulty immediately increased the burden on miners. This means that finding a block has become 7.15% harder than before. NewsBitcoin explained that when Satoshi Nakamoto mined the Genesis Block, approximately 8 leading zeros were required for a valid hash, but at the current difficulty of 133.87 trillion, approximately 22 leading zeros are needed.

Mining profitability metrics deteriorated even faster. Expected revenue per mining hash, which indicates the estimated revenue per 1 PH/s, fell from $35.12 on May 27 to $28.68 in just 30 days, a decline of 18.34%. During the same period, Bitcoin's price dropped by 43% over the past 12 months, remaining 51% lower than its all-time high of over $126,000, NewsBitcoin reported.

Nevertheless, the network hashrate remains at a high level. As of the time of reporting, the hashrate is 984 EH/s, close to 1,000 EH/s. NewsBitcoin analyzed that efficient mining operators with the latest equipment and those with low-cost electricity or flexible power procurement capabilities are still holding on. While low fees are a burden, they are not a decisive factor.

This year, Bitcoin difficulty adjustments have been predominantly downward. Since 2026, there have been 7 downward adjustments and 6 upward adjustments, with a cumulative decrease of 38.22% and a cumulative increase of 31.04%. Despite the sharp drop in expected revenue per mining hash, miners are not turning off their machines but are instead looking for a recovery cycle and future opportunities to accumulate Bitcoin. This 7.15% surge in difficulty is an example of the protocol re-tightening its target value to match the block production rate, separate from price and margin pressures.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*