Bitcoin's price slide pushes most miner rigs into the red

Ecosystems•February 2, 2026, 3:24PM EST
UPDATED: February 2, 2026, 3:26PM EST
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Bitcoin's price slide pushes most miner rigs into the red
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Quick Take

  • Antminer data shows that only the very latest Antminer machines are recording healthy profitability, as the price of bitcoin dips.
  • Bitcoin miner profitability has been on a multi-year decline as network hashpower continues to push to new highs, The Block data shows.

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Almost all but the latest Antminer bitcoin miners are in the red following a collapse in the price of bitcoin, according to data from Antpool.

According to the data feed, only the Antminer S23 Hydro, Antminer U3S23H, and Antminer S23e U2H, all part of the S23 series unveiled last year that started shipping this month, are currently seeing healthy returns with a daily profit per hashrate measure of around $0.016/T.

Other leading models, like the Whatsminer M6 series, older Antminer products, and lesser-known brands, are currently running a deficit or nearing unprofitability, Antpool data shows. Older Antminers like the S21 series machines are nearly out of profit, according to Antpool.

Antpool and Antminer are affiliated through their associations with the Bitmain miner manufacturer.

Bitcoin has dropped to a low below $75,000 in recent days and is currently trading around $78,500, according to The Block's price page. The drop in price means miners earn less per unit of energy they provide to power the global network. This diminishing profitability comes despite a recent drop in network hashrate, attributed to the cold snap that has overtaken large parts of North America, reportedly forcing miners to curtail or shut down operations.

Still, Bitcoin's hashrate is near all-time highs, locking an all-time monthly high of 927.7 EH/s, according to The Block's data. A lower hashrate boosts block rewards per unit of hashpower for remaining online miners, improving margins temporarily despite the price decline, though the mining sector appears to remain highly competitive.

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The best-performing miner, the Antminer S23 Hydro, is seeing daily returns of $ 18.53 per machine, according to Antpool. While the Antminer S21, while still in profit, is only returning $0.12 per day per machine. Whatsminer M63S, meanwhile, is reportedly losing $0.47 per day, according to Antpool.

Average monthly Bitcoin miner revenue per TH/s has been steadily declining since last August, The Block's data shows. This follows a longer trendline where miner profitability has been heading closer to the $1 per TH/s level since the market crash in 2022. Miners even faced a "profitability crisis" when bitcoin was trading at record highs last year.

Over the past several years, miners have increasingly diversified into HPC/AI services to diversify away from the increasingly competitive bitcoin mining landscape.

Of note, some of the leading publicly traded bitcoin mining stocks are also down in Monday's session, including MARA Holdings (down 2.5%), Cleanspark (6%), and HIVE Digital (10%).


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