Bitcoin Miners Struggle to Stay Afloat as Hashrate Hits Record High Amid Revenue Crunch

GLOBAL – Bitcoin’s hashrate has surged to historic levels following the April 5 halving, reaching an unprecedented 1 sextillion hashes per second, signaling a peak in network security. But behind the scenes, miners are facing mounting financial strain—pushed to sell off their Bitcoin reserves at record levels to cover operational costs.

Post-Halving Revenue Squeeze

March 2025 saw a 50% plunge in miner revenue compared to a year ago, totaling just $1.2 billion, per Newhedge data. With the block reward now halved to 3.125 BTC, miners are increasingly reliant on transaction fees, which have yet to offset the drop in subsidies.

At present, the hashprice has dropped over 11% to $44.20 per PH/s, even as mining difficulty soared 6.81% to a record 121.51 trillion—making mining more competitive and less profitable.

Miners Shift from HODLing to Liquidation

Miners are shifting strategies. Once committed HODLers, firms are now selling large portions of their newly minted Bitcoin. A report by TheMinerMag revealed that in March, 15 public mining companies sold over 40% of their BTC output, with firms like HIVE, Bitfarms, and Ionic Digital selling more than they mined.

These liquidations are being used to manage rising energy costs, infrastructure investments, and loan repayments—a stark change from the accumulation trend seen in late 2024 when BTC soared past $70,000.

Security High, But Profitability Low

Despite the struggles, the Bitcoin network is more secure than ever. On April 15, the hashrate hit a new record of 883 EH/s, edging closer to the 1 ZH/s (zettahash) milestone analysts believe is in reach this year.

This growing hashrate reflects a bullish long-term outlook, as miners ramp up operations in anticipation of future price gains from Bitcoin’s increased scarcity.

Market and Sentiment Mixed

Bitcoin briefly touched $86,000 before pulling back to the $84,000 range. Social media sentiment has turned bullish, with Santiment’s score rising to 1.973, and influential figures like Samson Mow and Titan of Crypto predicting higher highs, possibly reaching $500,000 per BTC.

Still, analysts like Markus Thielen of 10x Research caution that Bitcoin may be headed into a consolidation phase, even amid ETF enthusiasm and sovereign adoption trends.