Older and mid‑vary mining rigs just like the Antminer S19 XP+ Hydro, Whatsminer M60S and Avalon A1466I have reportedly already crossed shutdown thresholds, whereas even newer S21 models are nearing viability limits.
The Profitability Cliff
The bitcoin mining trade is going through a extreme profitability squeeze this week as a mix of falling cryptocurrency costs and excessive community issue forces a number of mining rigs into the purple. In accordance with the most recent knowledge from Antpool, present market situations have pushed a number of {hardware} fashions previous their “shutdown value.”
Primarily based on a regular electrical energy value of $0.08 per kilowatt-hour, the information reveals a grim panorama for older and mid-range {hardware}. In accordance with Antpool, once-dominant fashions together with the Antminer S19 XP+ Hydro, Whatsminer M60S and Avalon A1466I have change into unprofitable to function.
The plunge in profitability was triggered as bitcoin tapped a multi-month low of simply over $74,500 on Feb. 2. Whereas the digital asset has since staged a modest restoration to consolidate, the injury to the stability sheets of smaller operations is clear. This newest dip marks a major cooling interval for the market, with bitcoin now down by over 10% because the begin of the 12 months.
Bearish Outlook Persists
Whereas some merchants are in search of a “bounce” at present ranges, market sentiment stays fragile. A rising refrain of analysts means that this will not be the ground; some projections point out the downtrend might persist, with the potential for bitcoin to check the psychological $50,000 threshold.
In the meantime, stress is mounting for extra trendy {hardware}. The Antminer S21 collection—together with the S21, S21+ and S21 Hyd.—is teetering on the sting of viability. With bitcoin buying and selling close to the $75,000 mark as of Feb. 3, 2026 at 6 p.m. EST, these machines are approaching a crucial shutdown vary of $69,000 to $74,000.
“The miner revenue and loss sustainability index has dropped to its lowest studying in 14 months,” famous a latest report from Cryptoquant, which stated miners are at present “extraordinarily underpaid” for the computing energy they supply to the community.
Whereas many operators are contemplating “unplugging,” the most recent technology of high-performance {hardware} stays comfortably within the black. The Antminer U3S23H and Antminer S23 Hydro, a part of Bitmain’s flagship collection that started transport earlier this 12 months, boast considerably decrease shutdown costs estimated to be above $44,000. These high- hashrate models are at present the one fashions seeing wholesome day by day returns resulting from their superior vitality effectivity.
The disaster comes at a troublesome time for the trade. A latest extreme winter storm throughout North America has already compelled a number of large-scale miners to curtail operations to guard energy grids. Moreover, whereas the bitcoin community issue noticed a slight 1% lower in early 2026 to 146.4 trillion, it stays close to historic highs.
Learn extra: US Winter Storm Weighs on Bitcoin Mining Community, Cryptoquant Finds
As bitcoin continues to commerce properly beneath its October 2025 highs, the trade is watching carefully to see if an additional value slide will set off a mass exodus of hashrate, which might finally result in a downward adjustment in community issue.
FAQ 💡
- Why are miners struggling now? Falling bitcoin costs and excessive community issue have pushed many rigs beneath their shutdown thresholds.
- Which {hardware} is most affected? Older and mid‑vary fashions like Antminer S19 XP+ Hyd, Whatsminer M60S, and Avalon A1466I at the moment are unprofitable.
- Are any rigs nonetheless worthwhile? Sure, newer excessive‑effectivity models such because the Antminer U3S23H and S23 Hyd stay viable with shutdown costs close to $44,000.
- What’s the outlook for miners? Analysts warn bitcoin might check $50,000, risking additional shutdowns and potential hashrate declines.
