Bitcoin mining has entered its weakest profitability period in history: Computing Power prices have dropped by about 36.4% compared to Q3.

Bitcoin mining has entered the weakest profitability period in history, with computing power prices falling from an average of about $55/PH/s in the third quarter to below $35/PH/s in November. The network mining difficulty has reached a new high of over 1.1 ZH/s, while the recent market adjustment has pushed the payback period for new hardware investments to over 1200 days—far exceeding the time until the next Halving.

The financial reports of publicly listed Bitcoin mining companies for the third quarter show that the median cost of total computing power is approximately $44.8/PH/s, which means that even the most efficient miners can only barely break even at the current revenue levels. Meanwhile, the third and fourth quarters mark a return of miners to debt financing - from low-interest convertible bonds to high-cost senior secured bonds - to raise funds for high-performance computing (HPC) and artificial intelligence (AI) transformation. These trends, coupled with the significant decline in mining stocks since mid-October, set the tone for a critical period at the end of 2025. (TheMinerMag)