Bitcoin mining profits have been squeezed to historic lows, and the industry has entered a period of survival selection.

The sharp correction in BTC in November caused the revenue per unit hashrate to drop from $55 to $35/PH/s, which is lower than the median total cost of about $44/PH/s for listed mining companies. The total network hashrate is approaching 1.1 ZH/s, resulting in the payback period for the latest mining machines exceeding 1000 days, which is longer than the countdown to the next halving.