Why Bitcoin Miners Are Shutting Down Rigs in 2025

Why rigs are going dark

Miners are working through one of the toughest margin environments the industry has faced in years.

According to a recent breakdown, hash revenue for large public miners has fallen from about $55 per petahashes (PH) per day in Q3 to roughly $35 per PH/day today. Their median all-in cost sits near $44 per PH/day. In other words, a significant part of the sector is now mining at a loss.

At the same time, the network hashrate is hovering around 1.0-1.1 zettahash (ZH) per second, which means competition for each block is near…