Hash revenue dropped from about $55/PH/s in Q3 to roughly $35/PH/s today while the median all-in cost for large public miners is ~ $44/PH/s, leaving much of the industry unprofitable. Network hashrate is near 1.1 ZH/s, increasing competition. Miners face burning reserves and waiting for price recovery or capitulation (shutdowns/liquidation), which would lower difficulty; public miners with cheap power/hedges can delay that. ROI for new rigs exceeds 1,000 days, longer than the ~850 days until the next halving. Expect more shutdowns, consolidation and distressed sales; survivorship favors low‑cost, well‑capitalized miners.

Hash revenue fell from ~$55/PH/s to ~$35/PH/s while median all‑in cost for large public miners is ~$44/PH/s (unprofitable). Network hashrate is ~1.1 ZH/s (rising competition). ROI for new rigs >1,000 days versus ~850 days until halving creates a hostile economics; possible shutdowns, hardware liquidations and consolidation could follow.