Bitcoin mining economy deteriorates: Computing Power reaches new highs but coin price falls

According to a report by The Miner Mag, the Bitcoin mining industry is facing profit pressure. In October, the network's computing power rose to a record 1.16 ZH/s, but the price of Bitcoin fell to around 81,000 USD, causing the hashprice to drop below 35 USD/PH/s, lower than the median of 45 USD/PH/s for listed mining companies, with some nearing breakeven. The recoup investment period for mining rigs has extended to over 1,200 days, and financing costs continue to rise. Although mining companies are accelerating their transition to AI and high-performance computing (HPC), related revenues still cannot compensate for the significant decline in Bitcoin mining income. However, after JPMorgan raised the target prices for CleanSpark, Cipher Mining, and IREN, the stock prices of the top ten listed mining companies all rose on Monday. IREN signed a five-year 9.7 billion USD GPU cloud services agreement with Microsoft in November.