Listed operators fell below aggregate cash breakeven in the second quarter of 2026 when production costs surpassed the market price of $58,400. Weighted average pre-tax cash costs to produce one Bitcoin reached $75,500 during the period, while the monthly average hash price hit a record low of $27.7 per PH/s per day in June. Core Scientific paid $41.9 million to cancel roughly 15 EH/s of next-generation mining hardware to scale back operations.

At least 35 EH/s of capacity is slated to leave listed operators to transition to artificial intelligence, with IREN planning an exit by year-end and Cipher likely following by the end of 2027. Total network hashrate declined 27% from its October 2025 peak, while individual company costs ranged from $45,000 per BTC at ABTC to more than $200,000 at Cipher.