Bitcoin mining profitability has compressed significantly, reaching historic lows as the sector faces a perfect storm of headwinds. Revenue per unit of hash power, known as hashprice, has dropped from $55 to approximately $35 per PH/s following recent price corrections. This level places revenue below the break-even point for many operators, raising concerns about the long-term sustainability of less efficient mining fleets. [Update 1] Miners Begin Shutting Down as Costs Exceed Revenue Recent reports indicate that Bitcoin miners have started shutting down rigs as the hash price revenue (~$35/PH/day) has fallen significantly below the estimated all-in cost of production, which stands at around $44/PH/day. This financial disparity marks a capitulation phase, potentially leading to a decline in network hashrate and a subsequent difficulty adjustment to restore equilibrium.