Cryptocurrency mining machines are seen in liquid immersion cooling tanks at the TMG Core booth. A recent analyst report from Rosenblatt Securities indicates that as Bitcoin, the leading cryptocurrency, continues its decline, most Bitcoin miners are no longer profitable from their digital asset operations.
The latest Bitcoin price is $64,143.00, representing a year-to-date decline of approximately 26%. Earlier on Tuesday, the price of Bitcoin briefly fell below $63,000, approaching its lowest level in over two weeks.
Analysts at Rosenblatt noted that the ongoing downturn in cryptocurrencies is likely to exacerbate the risks faced by most Bitcoin miners. In a report to clients on Monday, Rosenblatt analyst Chris Brendler stated, "Mining revenue has now fallen below 3 cents, reaching a level where all but the most efficient mining machines are unprofitable."
Cryptocurrency mining is an energy-intensive process that involves verifying digital transactions on a computer network to earn tokens, most commonly Bitcoin. The Bitcoin hashprice refers to the revenue a miner earns per terahash of computing power.
However, as Bitcoin's price has fallen, the network's hashprice has declined in tandem, leaving miners with high costs and minimal profits. Data from Hashrate Index shows that the Bitcoin hashprice has dropped approximately 30% over the past three months, largely mirroring the decline in Bitcoin itself. The hashprice is currently hovering around $28 per terahash per second per day.
Brendler wrote in the report, "The profitability of Bitcoin mining continues to deteriorate. The historically low hashprice levels that negatively impacted our profit expectations back in December now appear enviable compared to current conditions."
As a result, losses have widened for some mining companies. Since the start of 2026, Bitmine Immersion Technologies' stock has fallen 29%, MARA Holdings is down 13%, and CleanSpark has remained largely flat.
In response, other miners are pivoting to an alternative business that could help them return to profitability: high-performance computing (HPC) services. For instance, companies like Cipher Mining and TeraWulf are shifting their focus away from Bitcoin-centric operations to instead manage high-performance computing systems designed for rapid data processing and complex calculations.
Brendler from Rosenblatt added, "The profitability outlook for HPC remains strong, supported by growing demand from hyperscale companies. We believe all miners should now aggressively transition from Bitcoin mining to high-performance computing wherever possible."
The analyst also noted that Rosenblatt's market-cap-weighted Bitcoin mining index has declined only 2% year-to-date, largely because miners' moves into HPC have offset losses from digital asset mining.