Bitcoin miners entered February under pressure as revenue metrics weakened and operations faced weather-related disruptions. Network hashrate is idling around 850 exahash per second (EH/s), a level not seen since late June 2025, while hashprice has slid to $35.22 — the second-lowest reading in the past 12 months. These moves have pushed revenues roughly 45% below the 12‑month high of $64.03 per PH/s set in July 2025, tightening margins for many operators.
Bitcoin Miners Face Revenue Decline Amid Hashprice Collapse
The drop in hashprice to $35.22 reflects lower expected daily revenue per PH/s and has a direct effect on miner cashflows. At the same time, BTC remains about 37.4% below its October 2025 all-time high, which limits price-driven relief for miner revenues. Together, lower hashprice and subdued BTC levels explain why miners are seeing noticeably thinner margins right now.
Market Impact on Mining Stocks
Market sentiment has mirrored operational pain: the top 13 publicly traded bitcoin miners by market cap all finished the recent trading session deep in the red. Applied Digital (APLD) fell 11%, IREN Limited (IREN) declined 10.19%, and Cipher Mining (CIFR) slid 9.83%, signaling synchronized weakness across major names. For context on recent return trends that feed into investor sentiment, see December mining returns.
Operational Challenges from Winter Storm
A winter storm sweeping several U.S. states forced multiple mining operations to temporarily power down to ease strain on local grids. Those outages contributed to the hashrate remaining far below the levels seen in October 2025, amplifying short-term revenue pressure for affected facilities. For more on the storm’s direct impact on mining performance, see winter storm impact.
Potential Relief Factors
There are a few limited channels that could ease the squeeze on miner revenue, but none are guaranteed in the short term. A sustained rise in BTC price would raise payouts, while a downward difficulty adjustment could reduce competition and improve per-unit revenue. Onchain fees may help, but they have stayed low relative to block rewards and so offer only modest relief.
Why this matters
If you run mining equipment in Russia, these developments affect your business through revenue per unit and market sentiment. Lower hashprice and temporary U.S. outages can tighten global revenue pools, meaning the per-PH/s income you see today may be well below mid‑2025 levels. Even if your rigs are unaffected by the storm directly, the resulting weaker prices and stocks can make financing, equipment sales, or asset valuations less favorable.
What to do?
Practical steps can help preserve operations and cashflow during this stretch of thin margins. Focus on cost control, prioritize the most efficient machines, and avoid opportunistic upgrades unless you have clear, funded plans. Below are specific actions to consider.
- Audit costs: verify electricity contracts, delay nonessential capital expenditures, and cut discretionary spending where possible.
- Optimize fleet: concentrate hashing on your most efficient miners and power down older, loss-making units when margins are negative.
- Prepare for volatility: ensure liquidity for short-term expenses and keep operations flexible to respond to difficulty changes.
Further reading
For analysis of how difficulty trends could change miner economics, see difficulty adjustment. These pieces provide additional context on returns and the operational environment that currently shapes miner choices.
FAQ
Q: Why are miner revenues lower now? A: Revenues are down because hashprice has fallen to $35.22 and BTC remains about 37.4% below its October 2025 all-time high, reducing payouts per PH/s.
Q: How low is the hashrate? A: The hashrate is around 850 EH/s, the lowest level since late June 2025, partly influenced by U.S. operations pausing during a winter storm.
Q: What could improve revenues? A: A BTC price rebound or a downward difficulty adjustment would offer the most material relief; onchain fees are currently a minor factor.
