Bitcoin Mining Hashprice Stagnant Despite Difficulty Spike

The Bitcoin (BTC) mining hashprice—a key metric representing daily miner revenue per unit of hashing power—has surprisingly remained stable at approximately $48 per petahash per second (PH/s). This stability is noteworthy, considering a recent 1.4% increase in Bitcoin mining difficulty, as reported by CoinWarz. The difficulty surge, reaching 113.76 trillion at block 889,081 on March 23, signifies a more challenging mining environment.

This persistent hashprice, according to industry analysis, is putting considerable pressure on miners operating older equipment like Antminer S19 XP and S19 Pro. With the hashprice hovering below the crucial $50 mark, profitability is significantly threatened, especially when factoring in the recent decline in network transaction fees.

The challenges faced by miners are multifaceted. The April 2024 Bitcoin halving, reducing the block subsidy to 3.125 BTC, coupled with the current bearish crypto market conditions, has created a perfect storm. This is further compounded by the increased competition driven by a steadily rising network hashrate. The situation is dire enough to force some miners to temporarily shut down operations unless they upgrade their ASICs or market conditions improve. Reports from JPMorgan indicate that publicly listed Bitcoin mining companies collectively lost 22% of their share value in February 2025.

Even diversification efforts into high-growth sectors like AI haven’t fully mitigated the losses. The release of DeepSeek R1, a cost-effective open-source AI model, further intensifies competition within the data center market, adding another layer of financial strain.

Adding fuel to the fire are geopolitical uncertainties. The potential for a prolonged trade war between the US and Canada, and threats of tariffs on energy exports, further destabilize an already fragile industry. The long-term outlook remains uncertain, but for now, Bitcoin miners are navigating a challenging and unpredictable landscape.