The April 2024 Bitcoin halving cut block rewards from 6.25 to 3.125 BTC overnight, forcing every mining operation to either adapt or exit. By April 2025, hashprice fell to $0.049/TH/s — down from $0.12 — while network difficulty hit an all-time high of 123T. By July 2025, JPMorgan reported daily revenue per EH/s at its highest post-halving level ($57,400) yet still 43% below pre-halving.
The New Profitability Equation
With BTC trading $90,000–$110,000 through 2025, profitability depends almost entirely on electricity cost. An operation at $0.03/kWh produces Bitcoin at $20,000–$25,000 all-in. At $0.07/kWh: $45,000–$55,000. Only the low-cost producer survives a bear market.
This is why Coinfast's natural gas mining facility in Komi, Russia has seen the strongest demand growth of any location in our network. Our five global locations were selected specifically for power cost advantage.
Hardware: 19 J/TH Is the Floor
The current generation — Bitmain S21, MicroBT M60, Canaan A15 — operates below 19J/TH. Legacy machines above 25J/TH are increasingly uneconomical at current difficulty. The halving imposed a minimum efficiency threshold that cannot be worked around.
What This Means for Hosting Clients
Savings from deploying to a low-cost jurisdiction typically exceed hosting fees within the first two months of operation. See our hosting plans or request a quote for your specific fleet.