How long can miners hold out as revenue hits record lows while Bitcoin’s security is at record highs?

Bitcoin is currently in a phase of 'high-security, low-profitability,' characterized by a hashrate above one zettahash (record security) while miner revenue per compute unit (hashprice) has collapsed to historic lows near $34.20 per petahash per second. This economic pressure is causing a slow-motion liquidation, forcing miners with inefficient hardware or high power costs (above 5 cents/kWh) to shut down. However, the total hashrate remains high because deep-pocketed operators with cheap, long-term power agreements are expanding, effectively leading to consolidation where fewer entities control the network's security. Geopolitically, the estimated return of Chinese 'zombie capacity' also keeps hashrate elevated, taxing compliant Western miners who face higher financing and regulatory costs. Industry players are watching difficulty retargeting, transaction fees, and policy changes to gauge the next phase, noting that many miners are pivoting to high-performance computing (HPC) contracts to stabilize earnings. The paradox is that while the Bitcoin protocol is structurally strong, the mining business is highly distressed and concentrating power among fewer, well-capitalized actors.

(Source：CryptoSlate)