Binance to Close Bitcoin Mining Pool in November Amid Industry Squeeze

CoinShares reported that publicly-listed Bitcoin miners faced an average cash cost of roughly $75,500 to produce one Bitcoin in the second quarter of 2026, while the average price of Bitcoin fell to $58,400 by the end of the quarter. Mining revenue per unit of computing power, measured as hash price, reached a record low of $27.70 per petahash per second per day in June 2026, leaving the listed sector below aggregate cash breakeven, according to the report.

The pressure has prompted some miners to redirect computing capacity toward artificial intelligence and high-performance computing. CoinShares estimated that AI computing could produce annualised profits of about $1.5 million per megawatt, compared with roughly $500,000 for Bitcoin mining, based on its analysis.

Ledger says devices sold by Southeast Asian reseller CryptoBilis carried an unauthorized hardware implant, with reported losses estimated in the tens of millions of dollars.