The crisis in the mining industry has come to light: the "life-and-death speed" of miners has been activated.

Recent on-chain data has shown a heartbreaking reality: the unit hash price for Bitcoin mining has fallen to $42/PH/s, and it is not far from the death line.

The decline has not stopped since July; what is the result of this? Small miners are being forced out of the market, while large mining companies are desperately cutting costs and optimizing operations. Interestingly, some mining equipment manufacturers are starting to shift towards AI and high-performance computing to offset losses in the mining business—this reflects the anxiety of the entire industry to some extent.

Key Data Overview

Hash price: 42 USD/PH/s (close to break-even point) Impact Scope: Small and medium-sized miners are under the most pressure, while large mining enterprises have begun to “cut off their arms to survive”. Industry Trend: Mining equipment sales are slowing down, and manufacturers are seeking new businesses such as AI.

What does this mean?

This round of crisis is essentially a knockout tournament. High-efficiency, low-cost mining farms will survive, while those players relying on high electricity prices or old equipment will be eliminated. At the same time, the industrial chain is concentrating on higher levels of computing power, and the living space for small retail investors is becoming increasingly narrow.

The insight for the market is: when Mining profits are pushed to the limit, how great will the selling pressure from miners be? This is worth close attention.