'Halving' Shock Compared to All-Time High...Bitcoin (BTC) Miners Face Chain Bankruptcy Crisis

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Bitcoin (BTC) miners are once again facing a critical test, as they simultaneously contend with a sharp decline in mining profitability and a surge in mining difficulty. Expected revenue per mining hash has plummeted by 18.34% in one month, while mining difficulty has increased by 7.15%, marking the second-largest upward adjustment this year.

According to cryptocurrency specialized media NewsBitcoin on June 27 (local time), Bitcoin mining difficulty rose by 7.15% at block height 955,584 on June 26. This follows a sharp rebound after a 10.09% drop in the previous adjustment, pushing the difficulty up to 133.87 trillion.

The increase in difficulty immediately heightened the burden on miners. It means that finding a block has become 7.15% more challenging than before. NewsBitcoin explained that when Satoshi Nakamoto mined the genesis block, approximately 8 leading zeros were required for a valid hash, but with the current difficulty of 133.87 trillion, about 22 leading zeros are needed.

Mining profitability metrics deteriorated even faster. Expected revenue per mining hash, a metric representing the estimated revenue per 1 PH/s, dropped from $35.12 on May 27 to $28.68 in just 30 days. This is a decline rate of 18.34%. During the same period, the price of Bitcoin fell by 43% over the past 12 months and remained 51% below its all-time high of over $126,000, NewsBitcoin reported.

Nevertheless, the network hashrate remains at a high level. As of the time of reporting, the hashrate is 984 EH/s, close to 1,000 EH/s. NewsBitcoin analyzed that efficient miners with the latest equipment and operators with low-cost or flexible power procurement capabilities are still holding on. Low fees are a burden but not a decisive variable, it pointed out.

This year, Bitcoin difficulty adjustments have been predominantly downward. Since 2026, there have been 7 downward adjustments and 6 upward adjustments in difficulty, with a cumulative decrease of 38.22% and a cumulative increase of 31.04%. Despite the sharp drop in expected revenue per mining hash, miners are not turning off their machines; instead, they are anticipating a recovery cycle and future opportunities for Bitcoin accumulation. This 7.15% surge in difficulty is an example of the protocol's structure re-tightening its target value to match block production speed, independent of price and margin pressures.

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