Bitcoin Mining Enters the Zetahash Era as Profitability Tightens
Bitcoin mining crossed a historic threshold in late 2025. According to a current report from GoMining, the community entered the zetahash period, surpassing 1 zetahash per second of computing energy.
But whereas hashrate surged to document ranges, miner profitability moved in the wrong way. The result’s a mining trade that’s bigger, extra industrialized — and extra uncovered to cost threat than at any level this cycle.
Hashrate Reaches Record Highs as Mining Scales Up
The report reveals Bitcoin’s community sustained over 1 ZH/s on a seven-day common, marking a structural shift moderately than a short lived spike.
This development displays aggressive {hardware} upgrades, new knowledge facilities, and increasing industrial operations. Mining is no longer dominated by marginal gamers. It now resembles power infrastructure.
As a consequence, competitors for block rewards has intensified sharply.
Revenue Per Miner Falls Despite Network Growth
While hashrate expanded, income per unit of compute fell into considered one of its tightest ranges on document.
The report highlights that miner earnings more and more rely on Bitcoin’s price and problem alone. Other buffers have light, together with transaction price spikes and the greater block subsidies that after softened margin stress
This compression means miners now function with thinner margins, even as they deploy extra capital and energy.
According to GoMining, the influence was seen in the mempool. For the first time since April 2023, the Bitcoin mempool absolutely cleared a number of occasions in 2025.
It means the Bitcoin network was so quiet that transactions cleared instantly, even at the lowest attainable charges.
As a consequence, miners earned nearly nothing from charges and needed to rely nearly totally on Bitcoin’s worth and block subsidy for income.
Transaction Fees Offer Little Relief After the Halving
Post-halving dynamics worsened the stress.
With the block subsidy decreased to 3.125 BTC, transaction charges didn’t offset misplaced income. The report notes that charges made up lower than 1% of complete block rewards for many of 2025.
As a consequence, miner economics turned immediately uncovered to Bitcoin worth swings, with fewer inner stabilizers.
Hashprice Hits Lows as Margins Stay Under Pressure
The squeeze confirmed up clearly in hashprice — the every day income earned per unit of hashrate.
According to the report, hashprice fell to an all-time low close to $35 per PH per day in November and remained weak into year-end. It completed the quarter close to $38, effectively under historic averages.
This left little room for operational error.
Shutdown Prices Turn Price Levels Into Economic Triggers
These findings align carefully with current knowledge on miner shutdown prices.
At present problem and electrical energy prices close to $0.08 per kWh, extensively used S21-series miners method breakeven between $69,000 and $74,000 per BTC. Below that vary, many operations cease producing operational revenue.
More environment friendly, high-end machines stay viable at a lot decrease costs. But mid-tier miners face rapid stress.
Why This Matters for Bitcoin Price Now
This doesn’t create a worth flooring. Markets can commerce under mining breakeven.
However, it creates a behavioral threshold. If Bitcoin stays under key shutdown ranges, weaker miners might promote reserves, shut down tools, or cut back publicity.
In a market already strained by tight liquidity, these actions can amplify volatility.
Bitcoin mining is stronger and extra industrial than ever. But that scale comes with sensitivity. As hashrate grows and costs fade, worth issues extra, not much less, for miner stability.
That makes ranges like $70,000 economically significant — not as a result of charts say so, however as a result of the community’s price construction does.
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