Why Bitcoin Miners Are Shutting Down Rigs in 2025

December 3, 2025

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Why rigs are going dark

Miners are working through one of the toughest margin environments the industry has faced in years.

According to a recent breakdown, hash revenue for large public miners has fallen from about $55 per petahashes (PH) per day in Q3 to roughly $35 per PH/day today. Their median all-in cost sits near $44 per PH/day. In other words, a significant part of the sector is now mining at a loss.

At the same time, the network hashrate is hovering around 1.0-1.1 zettahash (ZH) per second, which means competition for each block is near…

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