Bitcoin Mining: The Comedy of Errors in the Zetahash Era!

In a most curious turn of events, Bitcoin mining galloped gallantly into the illustrious zetahash era in the waning days of 2025. A recent report from the ever-astute GoMining has confirmed that the network has boldly surpassed the staggering milestone of 1 zetahash per second – a feat comparable to a pig flying over Buckingham Palace.

Yet, as if orchestrated by some mischievous spirit, while the hashrate soared to dizzying heights, miner profitability decided to plummet like a lead balloon. The result? A mining industry that is not only larger and more industrialized than ever but also more exposed to the whimsical price risks than any soap opera diva on a bad hair day.

Bitcoin mining has entered a new regime.

Our 2025 Bitcoin Mining Market Review examines:
🔹 How mining economics changed across the year
🔹 What persistent hashprice pressure revealed about the sector
🔹 Why scale, power strategy, and capital structure now matter more than cycle…

– GoMining Institutional (@GoMiningInst) January 28, 2026

Hashrate Reaches Record Highs as Mining Scales Up

The report reveals that Bitcoin’s network managed to sustain over 1 ZH/s on a seven-day average, marking what can only be described as a structural shift rather than a fleeting spike, much like a hangover that refuses to dissipate.

This miraculous growth is attributed to aggressive hardware upgrades, shiny new data centers, and the expansion of operations that would make even the most ambitious industrialist blush. Mining is no longer the playground of the marginal player; it has transformed into an energy infrastructure spectacle.

Consequently, competition for block rewards has intensified, akin to a group of ravenous seagulls fighting over a dropped chip.

Revenue Per Miner Falls Despite Network Growth

Despite this meteoric rise in hashrate, revenue per unit of compute has tumbled into one of its tightest ranges on record. One might conclude that miner earnings now depend solely on the fickle whims of Bitcoin’s price and difficulty, with other stabilizing buffers having vanished like a magician’s rabbit.

This newfound compression means miners are operating with margins so thin they could slip through a crack in the sidewalk, all while deploying ever more capital and power.

According to GoMining, the ramifications were evident within the mempool. For the first time since April 2023, the Bitcoin mempool cleared completely multiple times in 2025, resembling a deserted dance floor after last call.

In simpler terms, the Bitcoin network became so quiet that transactions cleared almost instantly, even at the most paltry of fees. Miners, thus, found themselves earning mere pennies from fees, relying heavily on Bitcoin’s price and block subsidy for sustenance.

Transaction Fees Offer Little Relief After the Halving

As if the universe conspired against them, post-halving dynamics exacerbated the pressure.

With the block subsidy slashed to 3.125 BTC, the transaction fees failed to compensate for lost revenue, making up a dismal less than 1% of total block rewards for most of 2025. This left miner economics bare, exposed to the wild swings of Bitcoin’s price with fewer internal stabilizers than a wobbly table.

Hashprice Hits Lows as Margins Stay Under Pressure

The squeeze was starkly visible in the hashprice – the daily revenue earned per unit of hashrate.

As per the report, hashprice plummeted to an all-time low near $35 per PH per day in November, continuing its descent into the abyss as the year drew to a close. It limped to the finish line at approximately $38, well below historical averages and akin to a sad trombone sound effect.

This left little room for operational error, which must feel quite familiar to the beleaguered miners.

Shutdown Prices Turn Price Levels Into Economic Triggers

These findings align closely with the recent revelation of miner shutdown prices.

At current difficulty levels and electricity costs hovering around $0.08 per kWh, the widely employed S21-series miners approach breakeven between $69,000 and $74,000 per BTC. Below that threshold, many operations find themselves generating naught but operational losses, akin to a failed soufflé.

More efficient, high-end machines remain viable at lower prices, but mid-tier miners face immediate and pressing pressures.

Why This Matters for Bitcoin Price Now

Now, don’t get too cozy; this does not establish a price floor. Markets can frolic merrily below the mining breakeven point.

However, it creates a behavioral threshold. Should Bitcoin linger beneath critical shutdown levels, weaker miners may hastily liquidate reserves, shut down their equipment, or prudently reduce exposure, much like a cautious cat navigating a room full of rocking chairs.

In a market already strained by tight liquidity, such actions could magnify volatility to levels that would make a caffeinated squirrel seem composed.

Indeed, Bitcoin mining is stronger and more industrial than ever, but with great scale comes an equally great sensitivity. As hashrate expands and fees dwindle, price matters more, not less, for miner stability. Levels like $70,000 hold economic significance – not because some chart tells us so, but because the network’s cost structure demands it.

2026-02-05 01:11