Older and mid-priced mining rigs such as the Antminer S19 XP+ Hydro, Whatsminer M60S, and Avalon A1466I have already exceeded the shutdown threshold, and even newer S21 units are reportedly nearing the edge of survival.
profitability cliff
The Bitcoin mining industry is facing severe revenue pressure this week as a combination of falling cryptocurrency prices and high network difficulty pushed several mining rigs into the red. According to Antpool’s latest data, current market conditions have pushed multiple hardware models above their “shutdown price.”
Based on typical electricity costs of $0.08 per kilowatt-hour, the data reveals a tough picture for older and mid-range hardware. According to Antpool, once-mainstream models such as the Antminer S19 XP+ Hydro, Whatsminer M60S, and Avalon A1466I are no longer profitable to operate.
The plunge in profitability was triggered by Bitcoin hitting a multi-month low of just over $74,500 on February 2nd. Since then, digital assets have shown a gradual recovery and remained strong, but the damage to the balance sheets of small businesses is clear. This recent decline signals a significant period of cooling in the market, with Bitcoin currently down more than 10% since the beginning of the year.
Bearish outlook continues
Although some traders are looking for a ‘bounce’ at current levels, market sentiment remains fragile. A chorus of analysts has begun to suggest that this may not be the resolution. Some predictions suggest that Bitcoin could test the psychological threshold of $50,000 and the downtrend could continue.
At the same time, pressure for more modern hardware is increasing. The Antminer S21 series (including S21, S21+, and S21 Hyd.) is on the brink of viability. As of February 3, 2026 at 6:00 PM EST, Bitcoin is trading near $75,000, with these machines approaching the critical shutdown range of $69,000 to $74,000.
A recent report from Cryptoquant noted that the “Miner P&L Sustainability Index has fallen to its lowest reading in 14 months” and said that miners are now “extremely underpaid” for the computing power they provide to the network.
While many carriers are considering going “unplugged,” the latest generation of high-performance hardware remains profitable. Part of Bitmain’s flagship series that began shipping earlier this year, the Antminer U3S23H and Antminer S23 Hydro boast significantly lower shutdown prices estimated at over $44,000. These high hashrate units are currently the only models that generate healthy revenue every day due to their superior energy efficiency.
The crisis comes at a difficult time for the industry. The recent winter storms across North America have already forced some large miners to scale back operations to protect the power grid. Additionally, Bitcoin’s network difficulty is still near historic highs, although it decreased by just 1% to 146.4 trillion in early 2026.
read more: Cryptocurrency finds US winter storm is impacting Bitcoin mining networks
As Bitcoin continues to trade well below its October 2025 high, the industry is closely monitoring whether further price declines could cause a mass exodus of hashrate and ultimately lead to a downward adjustment in network difficulty.
Frequently asked questions 💡
- Why are miners struggling right now? Due to the drop in Bitcoin prices and high network difficulty, many rigs have fallen below the shutdown threshold.
- What hardware is most affected? Older intermediate models such as Antminer S19 XP+ Hyd, Whatsminer M60S, and Avalon A1466I are currently unprofitable.
- Are there any rigs that are still profitable? Yes, new high-efficiency units like the Antminer U3S23H and S23 Hyd are still viable with end-of-sale prices near $44,000.
- What are the prospects for the miners? Analysts have warned that Bitcoin could test $50,000, leading to further shutdowns and a drop in hashrate.
