Bitcoin is once again going through a storm and the most exposed players are, unsurprisingly, the miners. The latter are seeing their margins shrink dramatically, while the difficulty of mining reaches unprecedented heights. A striking paradox emerges from this complex situation: the miners suffer, but they hold on at all costs. This resilience is obvious to the most hardened in the mining sector.
In brief
- Bitcoin mining difficulty jumped 7.15% on June 26.
- The hashprice fell by 18.34% in one month, to $28.68 per PH/s.
- Fidelity reassures about security, while JPMorgan warns about the fragility of miners.
- Many miners are turning to AI and high-performance computing to survive.
Bitcoin difficulty explodes, hashprice collapses
On June 26, bitcoin mining difficulty jumped 7.15%, reaching 133.87 trillion trillion. This increase is the second largest in 2026, after a drop of 10% in the previous era.
At the same time, the hashprice collapsed by 18.34% in a single month. It went from 35.12 to 28.68 dollars per PH/s over the period.
Miners therefore earn less while having to work more every day. This is a seemingly untenable contradiction for many market observers.
However, the hashrate remains close to 984 EH/s, which proves that miners are not giving up. Network difficulty today requires around 22 zeros for a valid hash. Satoshi only asked for 8 during the genesis block in 2009.
Fidelity reassures, JPMorgan alarms on crypto security
The visions of the two financial giants diverge radically on the future of bitcoin mining. Fidelity Digital Assets believes that network security remains robust thanks to transaction fees and market incentives.
Daily mining income has increased from $26,300 during the first halving to over $40.2 million today. The ethics of the network are based on this capacity for adaptation which goes beyond traditional economic models.
Conversely, JPMorgan warns of the growing fragility of crypto miners. The beta of difficulty relative to the price of bitcoin reached 0.62, a sign of increased sensitivity to market fluctuations. Around 20% of miners are currently estimated to be unprofitable.
The price of bitcoin remains below its estimated production cost of $78,000.
Miners turn to AI to survive the crisis
Facing the pressure on marginsbitcoin miners are exploring new avenues to ensure their long-term survival. Many are turning to artificial intelligence and high-performance computing, which offer stable revenues and higher margins.
VanEck estimates that listed miners could need $50 billion to fully transition to these demanding technologies. AI installations require higher standards than traditional mining farms, especially when it comes to cooling and network connectivity.
Some observers see this development as the end of a traditional economic model. Others see it as the start of a new era for the mining sector. The philosophical debate remains wide open on this fundamental question.
Key figures of Bitcoin mining
- 7.15% increase in difficulty on June 26;
- 18.34% drop in hashprice in one month;
- 133.87 trillion: current network difficulty;
- 984 EH/s: hashrate maintained by miners;
- $60,232: BTC price at the time of writing.
Bitcoin is not yet modern-day gold. But according to Cathie Wood, global instability acts as fuel for the crypto flagship. Miners are holding on, betting on the future, and continuing to secure the network.
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