Bitcoin Rebounds, but ‘Mining Revenue’ Hits a Record Low [Crypto Briefing]

[Financial News] Bitcoin prices rebounded in late August, but profitability pressures on the mining industry have not eased. Miners with high electricity costs or a large share of outdated equipment are shutting down operations, while efforts to redirect their power capacity and sites to Artificial Intelligence (AI) data centers are accelerating.  According to the report “Mining Economics in 2026, Reshaped by Record-Low Hashprices,” published on the 2nd by Bitplanet Research Lab, all three records for the lowest monthly average hashprice ever were set this year. Hashprice refers to the estimated mining revenue generated in one day by 1 PH/s of computing power.
Based on figures from the Luxor Hashrate Index, the monthly average hashprice fell to a record low of $30.37 in June. July followed at $31.21, while March came in at $31.27. That was about 20% below last year’s low of $37.89. The monthly average last year was $50.68. Hashprice rebounded to $39.36 on the 31st of last month, but the 30-day average recently stood at $34.63, below last year’s lower range.
Profitability varied widely depending on equipment efficiency and electricity prices. Bitplanet Research Lab’s calculations, based on a hashprice of $30, showed that the break-even electricity price for older equipment with efficiency ratings of 25–38 J/TH was just 3.9 cents per kWh. Even with low-cost electricity priced at 4 cents, the cash margin excluding electricity costs would effectively disappear. The break-even points were 5.6 cents for equipment rated at 19–25 J/TH and 7.4 cents for equipment rated at 14–19 J/TH. Actual profitability is even lower when hosting fees, labor costs and depreciation are included.
Mining companies moved to secure cash rather than hold Bitcoin. MARA sold 2,213 of the 2,422 Bitcoin it mined in the second quarter. Revenue fell 27% year on year to $174.90 million (approximately 239.6 billion won), while the company posted a net loss of $611.30 million (approximately 837.7 billion won). However, the net loss included a $343.00 million (approximately 470.0 billion won) impairment loss on Bitcoin, making a direct comparison with operating results difficult.
CleanSpark also disposed of 579 of the 586 Bitcoin it mined in July. Of that amount, 350 Bitcoin were delivered following the exercise of call options, while the company had discretionarily sold 229 Bitcoin on the spot market.
As mining profitability deteriorated, the industry turned its attention to AI and High-performance computing (HPC). CoinShares reported that the cumulative value of AI and HPC contract announcements by publicly listed miners had exceeded $70 billion (approximately 95 trillion won) through the first quarter of this year. CleanSpark signed a 20-year, $6.6 billion data center lease covering its facilities in Georgia.
Market valuations also diverged. The forward 12-month revenue multiple relative to enterprise value for miners that had secured HPC contracts was 12.3 times, more than double the 5.9 times recorded by pure-play mining companies. However, AI infrastructure construction costs range from $8 million to $15 million per megawatt, far higher than the $700,000 to $1 million required for mining infrastructure. Until the contracts translate into actual revenue and profits, companies will also have to bear the risks of construction delays and debt burdens.

[email protected] Han Young-jun Reporter