Bitcoin Ends Quarter at $58,000: Why Are Miners Cutting Capacity?

As the average cash production cost for Bitcoin miners rises to $75,500, the industry has begun reducing capacity.

According to CoinShares data cited by Wu Blockchain, publicly traded Bitcoin miners collectively fell below the cash break-even level in the second quarter of 2026. While the weighted average pre-tax cash cost incurred by miners to produce one Bitcoin was $75,500, Bitcoin’s price at the end of the quarter remained at $58,400.

In June, the average hash price, which can be summarized as the daily revenue of the computing power used by miners, also dropped to an all-time low of $27.7/PH/s/day.

Mining costs show significant variation among companies

In the chart prepared with CoinShares data through the close of September 3, 2026, cash costs per Bitcoin vary significantly across companies. While the cost is $45,361 for ABTC, it is shown as $74,911 for RIOT and $85,893 for MARA. Costs calculated for CIFR and WULF reach levels of $216,783 and $174,727, respectively.

This metric includes income tax; it does not include depreciation and stock-based payments. HUT is excluded from the calculation.

Core Scientific canceled hardware order

Revenue pressure is also reflected in companies’ capacity decisions. Core Scientific paid $41.9 million to cancel next-generation mining hardware that would have provided approximately 15 EH/s of computing power. Some publicly traded miners have ceased operations or begun downsizing their operations.

This pressure affects miners’ profitability as well as their decisions regarding new hardware investments and continuing operations.