Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesBitcoin mining was unprofitable for all but the most efficient operators, according to a warning reported on February 25, 2026. That is a market-level assessment, not proof that every miner was losing money: an operation’s results depend on its electricity contract, ASIC efficiency and cost, operating expenses, and the Bitcoin network’s changing economics.
What the analyst warned about
A February 25, 2026 Yahoo Finance report attributed the warning to Chris Brendler, a Rosenblatt Securities analyst, quoting him as saying, “Bitcoin mining economics have gone from bad to worse.” The report characterized mining as unprofitable for all but the most efficient operators. Read the February 25 report on Yahoo Finance.
The article reported that revenue per terahash had fallen below three cents, a CryptoQuant mining profitability indicator had reached 21, and daily mining revenue was near $28 million. It also said hashprice had fallen about 30% over three months to roughly $28 per terahash per second per day. These are figures the article reported at that time, not independently verified live readings or a calculation of an individual miner’s net profit.
Hashprice is an estimate of mining revenue associated with a unit of computing power over a specified period. It is not the same as profit: a miner still has to pay for electricity, equipment, cooling or hosting, pool fees, and other operating costs. The units and time period matter, too; a hashprice figure alone cannot establish whether a particular machine or business breaks even.
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Why mining economics can deteriorate
Mining rewards and transaction fees produce revenue, while miners compete against the network’s total computing power. Bitcoin’s price, network difficulty, and hashprice affect the revenue side; power prices, machine efficiency, uptime, and operating expenses shape the cost side. A change in one market-wide measure can therefore affect miners differently.
A September 2026 KuCoin overview, citing CoinShares, gave a June 2026 monthly average hashprice of about $27.7 per petahash per second per day and a Q2 2026 weighted average pre-tax cash cost of about $75,500 per Bitcoin for listed miners. Those are attributed historical estimates for specific periods and a particular group of companies, not current benchmarks for every miner or a guaranteed break-even price. See KuCoin’s September 2026 overview.
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Why two miners can get different results
Electricity and hardware efficiency are especially important. A miner with inexpensive power and a relatively efficient ASIC may remain viable when a less efficient operator using costly electricity cannot cover expenses. A historical 2019 academic study likewise identified low-cost electricity as material to mining economics, but its model does not establish a current electricity-price threshold. Read the 2019 study.
Buying an ASIC does not make mining profitable by itself. The purchase and installation costs must be considered alongside ongoing expenses and the period over which the equipment is expected to operate. Home miners also need to account for power use and cooling; advertised mining revenue is not the same as cash left after those bills.
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How to assess your own mining economics
Estimate revenue and costs using the same time horizon, and make the assumptions explicit. A calculator can help organize the inputs, but results are only as useful as the data entered and may not capture every cost.
- Identify the machine. Use its rated hash rate and power draw, and include the purchase, delivery, installation, and any hosting costs that apply.
- Use your actual electricity terms. Apply the rate you pay, including relevant fixed charges or time-of-use pricing, rather than assuming a generic household or industrial rate.
- Estimate mining revenue for a dated period. Record the Bitcoin price, hashprice or other revenue assumption, network difficulty, expected uptime, and pool fee used. These inputs change, so avoid presenting a single estimate as a lasting result.
- Add operating costs. Include cooling, hosting, maintenance, connectivity, and other recurring costs relevant to your setup.
- Separate operating cash flow from full investment return. Revenue minus operating expenses indicates whether ongoing operations cover those expenses under the assumptions. To assess the broader investment, also account for equipment and installation costs over your chosen time horizon.
- Test less favorable assumptions. Recalculate with lower revenue, higher electricity costs, or reduced uptime. If a small change reverses the result, the operation is exposed to market and operating risk.
The sources cited here do not provide a complete calculator or a universal break-even rate. A sound estimate must use your own equipment and contract details alongside dated network and price assumptions.
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What the warning does—and does not—tell you
The February 2026 warning is useful as a snapshot of reported market conditions, not as a current verdict on every mining operation. The cited indicators describe market-level or source-defined measures; they do not account for each miner’s electricity deal, machine, financing, uptime, or total costs. Mining may still work for an unusually efficient, low-cost operator, while appearing unprofitable for someone else.
Before treating a headline, revenue estimate, or ASIC purchase as evidence that mining will pay, compare the full costs with a dated revenue estimate for your own setup. Because Bitcoin price, hashprice, and network difficulty change, conclusions should be revisited when those assumptions change.
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