Pre-S19 Mining Rigs Now Loss-Making at Average Power Cost
The post-halving difficulty environment combined with sub-$100k Bitcoin has made any rig older than the S19 series unprofitable at average industrial power rates.
Wei Lin//Nov 12, 2025//5m
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The post-halving difficulty environment combined with sub-$100k Bitcoin has made any rig older than the S19 series unprofitable at average industrial power rates.
Margin compression has triggered a steady stream of Chapter 11 filings among second-tier miners, consolidating hashrate into the largest operators.