Report: Bitcoin mining is trapped in the "worst profit cycle in history," and mining companies are under comprehensive pressure

TheMinerMag reports that the Bitcoin mining industry is experiencing the most severe profit contraction in 15 years, with hash prices dropping to a structural low of about $35 / PH / s. The payback period for the new generation of mining machines has extended to over 1000 days, while there are only about 850 days until the next halving.

As profitability worsens, mining companies are starting to deleverage. CleanSpark has fully repaid its Bitcoin collateralized credit line. Mining stocks have plummeted in unison, with MARA, CleanSpark, Riot, and HIVE falling between 32% and 54% since mid-October.