The crisis in the Bitcoin mining industry deepens, with a sharp drop in hash price leading to worsening profits for large listed companies.

Source: DigitalToday Original Title: Bitcoin Price Drop Hits Hard… Intensifying Survival Competition in the Mining Industry Original Link:

The Bitcoin mining industry is facing the most severe economic downturn in its 15-year history.

According to blockchain media, the mining profitability of Hashprice( has plummeted and the debts of mining companies have increased, making it difficult for even large publicly listed companies to secure profits.

According to the latest report from a Bitcoin-focused media outlet, the mining industry is struggling in what is described as the 'worst margin environment ever.' The hash price, which averaged around $55 in the third quarter, has now dropped to $35, which is considered a structural low rather than a temporary decline. The major cause of this is the sharp drop in Bitcoin's price from a peak of $126,000 in October to below $80,000 at one point in November.

In this situation, the 'cost per hash' ) CPI ( indicator has emerged as a key metric for assessing the efficiency of mining operators. It shows how efficiently power and capital are converted into computational output, and the gap between average mining operators and top-tier companies is widening. According to the report, the payback period for new mining equipment has exceeded 1000 days, and considering the upcoming Bitcoin halving in 850 days, the burden on the industry is increasing.

Accordingly, companies are focusing on debt reduction and securing liquidity. CleanSpark recently repaid the full amount of a Bitcoin collateral loan borrowed from a certain lending platform, and movements to secure financial soundness are being detected across the industry. The decline in Bitcoin prices, combined with volatility in traditional financial markets, has also led to a sharp drop in the stock prices of mining companies.

Amid this trend, the mining industry is accelerating the overhaul of its survival strategies. If the price of Bitcoin does not recover in the short term, the gap between mining companies is likely to widen further. There are assessments that the entire industry is facing a “test of endurance” where it must endure profitability pressures and redefine its operating models.