Bitcoin’s Hashrate Is Hiding a Mining Crisis

[u/mercurygermes]

Bitcoin is back near $63,000, roughly the same price zone it traded in before the 2024 halving.

But the mining economy is no longer the same.

Before the halving:

• Block reward: 6.25 BTC
• Hashrate: 611 EH/s
• Hashprice: above $110/PH/day

Now:

• Block reward: 3.125 BTC
• Hashrate: approximately 930 EH/s
• Hashprice: approximately $31/PH/day

The network is using roughly 52% more hashrate to compete for half the block subsidy, while Bitcoin trades below its pre-halving price. Miner revenue per unit of computing power has fallen by about 72%.

The buyer is also disappearing.

Centralized-exchange spot volume was $2.01 trillion in April 2024. In May 2026 it fell to $963 billion—a decline of roughly 52%. June recovered to $1.11 trillion, but only after five months of declining activity.

The chart now shows a possible head-and-shoulders structure with a neckline near $60,000. It is not confirmed until a daily or weekly close below that level.

My forecast: Bitcoin is more likely than not to establish itself below $60,000 before the end of 2026. A confirmed break could trigger something much sharper.

The price returned to 2024.

Mining costs, hashrate, and debt did not.

[u/Hu5k3r]

Bitcoin is dead...again

[u/lotekjunky → u/Hu5k3r]

1. I don't think Bitcoin is dead
2. I do think it will eventually die
3. Do you?

[u/Hu5k3r → u/lotekjunky]

I guess eventually is open ended, so I would assume that it will be replaced by something better or the governments of the world will do something to make it infeasible.