Bitcoin $BTC miner winter is spreading!!!

The network’s hashrate has fallen to 908 EH/s, hitting a new low for 2026.
$BTC now requires a cost of $78,000 to mine one coin using hashrate > around the $BTC spot price of $65,000, meaning miners lose more than $10k per mined Bitcoin!!!
Result-oriented:
Forced shutdowns and marginal clearing: High electricity prices and inefficient, outdated rigs (such as some S19 models) have fully broken through the shutdown price. For miners, “queued shutdowns” are a rational choice for capital preservation. The hashrate reduction is the market’s way of re-finding supply-demand balance by clearing marginal high-cost production capacity;
Delayed release of sell pressure: To cover fiat operating expenses and repay equipment debt, unhedged miners have no choice but to accelerate selling out inventory reserves, which in the short term creates sell pressure on spot prices.