Older and mid-priced mining rigs such because the Antminer S19 XP+ Hydro, Whatsminer M60S, and Avalon A1466I have already exceeded the shutdown threshold, and even newer S21 models are reportedly nearing the sting of survival.
profitability cliff
The Bitcoin mining business is going through extreme income stress this week as a mixture of falling cryptocurrency costs and excessive community issue pushed a number of mining rigs into the purple. In line with Antpool’s newest information, present market circumstances have pushed a number of {hardware} fashions above their “shutdown worth.”
Based mostly on typical electrical energy prices of $0.08 per kilowatt-hour, the info reveals a tricky image for older and mid-range {hardware}. In line with Antpool, once-mainstream fashions such because the Antminer S19 XP+ Hydro, Whatsminer M60S, and Avalon A1466I are now not worthwhile to function.
The plunge in profitability was triggered by Bitcoin hitting a multi-month low of simply over $74,500 on February 2nd. Since then, digital property have proven a gradual restoration and remained robust, however the harm to the steadiness sheets of small companies is obvious. This latest decline alerts a big interval of cooling out there, with Bitcoin at the moment down greater than 10% because the starting of the yr.
Bearish outlook continues
Though some merchants are on the lookout for a ‘bounce’ at present ranges, market sentiment stays fragile. A refrain of analysts has begun to recommend that this is probably not the decision. Some predictions recommend that Bitcoin might take a look at the psychological threshold of $50,000 and the downtrend might proceed.
On the identical time, stress for extra trendy {hardware} is rising. The Antminer S21 collection (together with S21, S21+, and S21 Hyd.) is getting ready to viability. As of February 3, 2026 at 6:00 PM EST, Bitcoin is buying and selling close to $75,000, with these machines approaching the important shutdown vary of $69,000 to $74,000.
A latest report from Cryptoquant famous that the “Miner P&L Sustainability Index has fallen to its lowest studying in 14 months” and mentioned that miners are actually “extraordinarily underpaid” for the computing energy they supply to the community.
Whereas many carriers are contemplating going “unplugged,” the newest technology of high-performance {hardware} stays worthwhile. A part of Bitmain’s flagship collection that started transport earlier this yr, the Antminer U3S23H and Antminer S23 Hydro boast considerably decrease shutdown costs estimated at over $44,000. These excessive hashrate models are at the moment the one fashions that generate wholesome income daily attributable to their superior power effectivity.
The disaster comes at a troublesome time for the business. The latest winter storms throughout North America have already pressured some massive miners to cut back operations to guard the facility grid. Moreover, Bitcoin’s community issue continues to be close to historic highs, though it decreased by simply 1% to 146.4 trillion in early 2026.
learn extra: Cryptocurrency finds US winter storm is impacting Bitcoin mining networks
As Bitcoin continues to commerce nicely beneath its October 2025 excessive, the business is intently monitoring whether or not additional worth declines might trigger a mass exodus of hashrate and in the end result in a downward adjustment in community issue.
Steadily requested questions đź’ˇ
- Why are miners struggling proper now? Because of the drop in Bitcoin costs and excessive community issue, many rigs have fallen beneath the shutdown threshold.
- What {hardware} is most affected? Older intermediate fashions reminiscent of Antminer S19 XP+ Hyd, Whatsminer M60S, and Avalon A1466I are at the moment unprofitable.
- Are there any rigs which are nonetheless worthwhile? Sure, new high-efficiency models just like the Antminer U3S23H and S23 Hyd are nonetheless viable with end-of-sale costs close to $44,000.
- What are the prospects for the miners? Analysts have warned that Bitcoin might take a look at $50,000, resulting in additional shutdowns and a drop in hashrate.
