Bitcoin mining profits have shrunk to historical lows, and the industry has entered a survival selection period

According to a report by Miner Weekly, the significant pullback in BTC has caused the unit hash rate revenue to drop from $55 to $35 per PH/s, which is below the median total cost of approximately $44 per PH/s for publicly listed mining companies.

The total network hash rate is approaching 1.1 ZH/s, resulting in the latest mining machines having a payback period exceeding 1000 days, surpassing the countdown to the next halving. CleanSpark recently repaid its Bitcoin collateralized loans and raised over $1 billion in financing, while Cipher and Terawulf have collectively raised over $5 billion in Q4. Mining companies are generally shifting towards deleveraging and liquidity preservation, and the industry is entering a new phase of survival selection.