I just reviewed the Bitcoin miners' numbers and the situation is quite tense. According to analysis models, how much a Bitcoin miner earns is well below the cost to produce it. Production costs are around $88k per coin, but Bitcoin is currently trading at about $73.91K. That means a loss of nearly $15,000 for each BTC they extract from the network.

The pressure comes from several sides. Oil prices remain above $100, which drives up electricity costs for mining operations, especially those relying on supplies from the Middle East. The Strait of Hormuz is practically closed for regular trade, so energy has become expensive. All this has caused the network difficulty to drop by 7.76% recently, the second-largest decline of the year. The hashrate has decreased significantly, and block times have stretched to over 12 minutes.

What’s interesting is how miners are reacting. Some can no longer sustain just Bitcoin mining, so they are diversifying into artificial intelligence and high-performance computing to generate more stable income. When miners can’t cover costs, they sell Bitcoin to fund operations, adding pressure to an already weakened market. The next difficulty adjustment arrives in early April and will likely continue to fall. As long as Bitcoin doesn’t return to $88K, the network will remain under pressure and miners will stay in the red.