Hashprice slips to a multi-year low as difficulty grinds higher
Older machines are falling below cash-cost breakeven at grid prices that looked comfortable a year ago.
Revenue per unit of hashrate has fallen to its lowest level in several years as difficulty continues to climb faster than transaction fees have recovered.
The squeeze falls unevenly. Fleets running previous-generation machines need power in the low twenties of dollars per megawatt-hour to cover cash costs, a price available in fewer and fewer markets outside curtailment windows.
Operators with hosting agreements are renegotiating. Two hosting providers said they have moved a portion of contracts from fixed rates to revenue-share structures, transferring some of the hashprice risk back to the site owner.
Machine resale markets tell the same story: secondary prices for older units have converged toward scrap-adjusted value, while newest-generation efficiency tiers remain on allocation.
Public miners report next month, and analysts expect impairment charges on older fleets to feature prominently.
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