Bitcoin Miners: A Farce of Hash and Cash

CoinShares, in its Q1 2026 report, declares Q4 2025 “the most challenging quarter for Bitcoin miners since the April 2024 halving.” One can almost hear the collective wail of the miners as BTC slid from its giddy heights of $124,500 to a mere $86,000, a drawdown of 31%. The weighted average cash cost to produce one bitcoin among publicly listed miners? A staggering $79,995. One wonders if they might as well be digging for gold with teaspoons.




