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Bitcoin News Today: Bitcoin miners face a fight for survival as they contend with soaring hashrates and falling prices

Bitcoin News Today: Bitcoin miners face a fight for survival as they contend with soaring hashrates and falling prices

Bitget-RWA2025/11/24 22:44
By:Bitget-RWA

- Bitcoin miners face profitability decline as record hashrate clashes with falling prices, extending hardware payback periods beyond 1,200 days. - Operators pivot to HPC/AI services to offset losses, while ETFs show volatile redemption/inflow swings amid institutional re-entry and Abu Dhabi's IBIT stake tripling. - JPMorgan upgrades mining stocks citing $19B HPC contracts, but record-low Bitcoin reserves ($2.6B liquidated) highlight deteriorating economics with hashprice at $34.49/PH/s. - Sector survival

Bitcoin miners are under increasing strain as the network’s hashrate reaches unprecedented levels while prices continue to fall, putting pressure on profits and lengthening the time needed to recover hardware investments. The hashrate, which reflects the total computational strength protecting the blockchain,

as Bitcoin’s value dropped to around $81,000 in November, . Hashprice—a figure representing miner earnings per unit of computing power— , falling short of the $45/PH/s average seen among publicly traded mining companies. This downturn has brought many operators close to breaking even, with equipment payback times as borrowing costs rise.

This financial pressure comes alongside

, including a recent surge in nearly zero-interest convertible bonds issued over the last quarter. Although some firms are shifting towards high-performance computing (HPC) and AI-related services to make up for lost Bitcoin revenue, to offset the steep decline in earnings.

Bitcoin ETFs have reflected the industry’s turbulence. BlackRock’s

(IBIT) on November 18, marking the fifth consecutive day of outflows that totaled $1.425 billion as Bitcoin slipped below $90,000.
Bitcoin News Today: Bitcoin miners face a fight for survival as they contend with soaring hashrates and falling prices image 0
By late November, however, to the market, with ETFs on November 21, led by IBIT’s $60.6 million recovery. Abu Dhabi’s sovereign wealth funds in the third quarter, indicating confidence in the long-term outlook.

Experts

to broader economic changes, such as expectations that the Federal Reserve will lower interest rates in December. Despite recent withdrawals, BlackRock’s of all Bitcoin ETF trading activity and manages $157.4 billion in assets. Grayscale and Fidelity’s ETFs have also , pointing to a diversification in investor approaches.

JPMorgan analysts have

, upgrading and to “overweight” and increasing their price targets for both. The bank across 600 megawatts of essential IT capacity secured by miners since late September, signaling a shift from pure Bitcoin mining to hybrid HPC operations. Another miner, IREN, to $39 from $28, though JPMorgan kept an “underweight” rating due to high valuations.

Bitcoin miners’ reserves have

as companies sell off Bitcoin to fund ongoing expenses. Since November 21, more than 30,000 BTC—worth $2.6 billion—have been sold, , the lowest ever recorded. This wave of selling highlights worsening mining profitability, with hashprice to $34.49/PH/s, a figure not seen even during China’s 2021 mining crackdown.

Although institutional investors and analysts remain cautiously hopeful, the industry’s future depends on Bitcoin’s ability to recover its price momentum.

35% of their energy capacity to HPC by the end of 2026, which could provide crucial support. For now, attention is focused on economic trends and the rate of institutional involvement as Bitcoin faces a pivotal moment between bearish forces and strategic transformation.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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