Bitcoin miners are facing the toughest margin since 2023, the researcher’s researcher’s head of research has warned as Hashpris has been cheating on him, with the territories that Hashpris has been cheating.
Trump’s tariffs add anxiety to miners who have already suffered a rise in difficulties, research finds
Hashpris fell below $40 per second in early April from the $45-50 range recorded by March. According to data from Wolfie Zhao. Zhao points out that the $40 line is also breakeven for the public giant, increasing the pressure on consolidation across the sector.
The report highlights that two consecutive 1.43% difficulty levels increased in March, with an additional 6.81% jump this month in line with sliding fees. Zhao calculates that the weakness in the transaction summary combines electrical costs, leaving a fleet hash cost of nearly $34 per petahash for public miners.
Source: A report published by Theminermag.com.
Zhao writes that when Bitfarms and Hut 8 raise the trend to around 16% and 80%, respectively, Mara is over 40 miners. Still, a survey on Theminermag.com shows Bitcoin miners that have listed Bitcoin miners that have settled 42% of March’s production, the highest percentage since October, as companies like CleanSpark switched from a full “HODL” stance to asset sales.
Market sentiment reflects operational tensions. Investor fears deepened amid Trump’s tariff proposals that threaten application-specific integrated circuits (ASIC) supply chains. Theminermag.com price-to-hash ratio detailed by Zhao retreated to $50 per Terrahash (TH/s), half of its post-election peak, pushing sector capital down to $20 billion.
Zhao concludes that if the hashprice fails to rebound, further hashrate growth by efficient operators, combined with uncertainty in tariff-driven equipment, could speed up the yield among smaller private miners.
