Bitcoin’s price has slid roughly 22% over the past month to around 86,000, while the network’s total hashrate stays above one zettahash, signaling continued heavy capital expenditure and a potential price-to-hashrate misalignment.

Global hashrate remains above one zettahash despite falling BTC prices, indicating large-scale operators with access to external capital are continuing to run at scale.

With Bitcoin near 86,000 and network difficulty near peak, production costs for many miners exceed current market prices, creating an ongoing disconnect between hashrate and profitability.

Profitability erosion is pressing smaller, less efficient miners and raising the risk of liquidity issues or closures.

This is described as a liquidity-driven survival phase for the sector, reflecting broader strategic dynamics rather than investment advice.

Analysts warn that without a quick price rebound, the sector could face a prolonged capitulation, potentially forcing distressed miners to liquidate Bitcoin holdings and even physical infrastructure.

Further, consolidation could occur as bigger, well-capitalized firms absorb distressed operators if BTC prices fail to recover.

The dynamics point to a shift from accumulation to survival, with large, capital-backed public miners more likely to maintain next‑gen fleets while smaller operators face greater risk.

miner reserves have fallen to a record low of about 1.803 million BTC after more than 30,000 BTC (roughly $2.6 billion) were drained from wallets since November 21.

Total miner reserves are at a record low, signaling a move from accumulation to survival as cash flows dry up.

Hashprice has plunged to about $34.49 per PH/s, a level that implies most miners are unprofitable at current prices except for the most efficient operators.

Well-capitalized miners are subsidizing production with cash reserves or equity issuance to keep newer fleets online, effectively squeezing out less-capitalized competitors.

The network remains operational, but the current stress on miners could drive volatility in supply and future infrastructure investment.