According to CoinShares data, due to the sluggishness in hash rate prices (currently, the hourly hash rate ranges between $28 and $30 per day), approximately 15% to 20% of Bitcoin miners are operating at a loss. The causes of this predicament include outdated mining hardware, rising production costs (projected to reach an average Bitcoin production cost of $79,995 for public miners by Q4 2025), and increased network hash rate. While miners with more efficient equipment and cheaper electricity continue to operate, some are shifting toward AI workloads or selling Bitcoin reserves to maintain profitability. A sustained rise in Bitcoin price above $70,000 might alleviate this situation, but if prices remain weak, it could trigger more miners to exit.