For the first time ever, public Bitcoin miners collectively slipped below break-even in Q2 2026. According to CoinShares, the average cost to mine 1 BTC hit around $75,500, while Bitcoin closed the quarter at just $58,400 per coin. That’s a nearly $17,000 gap—or about 29% underwater.

Inside the CoinShares Report

The research shows public miners’ average production cost outpaced Bitcoin’s market price in Q2. While the report breaks down costs by company, the whole sector ended up below water—something we haven’t seen before.

Public Miners Pulling Hashrate

At least 35 EH/s of hashpower is already set to be unplugged by public miners. That’s roughly 4.7% of the current network hashrate, which sits around 750 EH/s. This is just among the public companies, highlighting how much mining strategies are shifting as the economics get tougher.

What This Means for the Industry

CoinShares’ data shows public miners’ profitability took a hit in Q2 2026, thanks to the growing gap between production costs and Bitcoin’s price. Miners are laser-focused on cutting costs, upgrading rigs, and deciding how much hashpower to keep online or mothball—since those calls are now directly tied to survival in this mining climate.