At $69K Bitcoin, here’s who’s profitable and who isn’t.
The difficulty adjustment on Friday lifted hashprice from ~$30 to ~$35/PH/s. That sounds like relief. Let’s look at whether it actually is.
Here’s the breakeven map by energy source at current network conditions:
Grid power ($0.08–0.12/kWh): Hash cost ~$50–70/PH/s → Deep underwater
Industrial tariff ($0.05–0.07/kWh): Hash cost ~$35–50/PH/s → Breakeven at best
Flare/stranded gas ($0.02–0.04/kWh): Hash cost ~$15–25/PH/s → Profitable
Wellhead gas ($0.01–0.03/kWh): Hash cost ~$10–20/PH/s → Significant margin
The difficulty drop didn’t save grid miners. It gave a modest raise to operators who were already profitable.
This is the dynamic that plays out in every downturn. The adjustment mechanism doesn’t rescue struggling miners — it rewards the most efficient ones with a larger share of block rewards as competitors drop offline.
For context: CleanSpark’s total cash mining cost is approximately $30/PH/s. IREN is at ~$26/PH/s. These are among the most efficient public miners in the world, and they’re at breakeven.
The only operators with meaningful margin at $69K Bitcoin and post-adjustment hashprice are those accessing energy below $0.04/kWh. That’s stranded gas, flare gas, and certain hydro PPAs.
This isn’t speculation. It’s arithmetic.
Bitcoin Mining Profitability at $69K | Sachin Oza posted on the topic | LinkedIn
Sachin Oza
Verified Source
2026-02-17
2 min read
Source
**Key Insight:** The article highlights the profitability of Bitcoin mining at $69K, with operators accessing energy below $0.04/kWh generating significant margins.
GasGx Editorial Insight
**Key Insight:** The article highlights the profitability of Bitcoin mining at $69K, with operators accessing energy below $0.04/kWh generating significant margins.
[Body Paragraph 1: Analysis of the market/tech situation]
The difficulty adjustment on Friday lifted hashprice from ~$30 to ~$35/PH/s. That sounds like relief. However, it's important to note that this adjustment doesn't save struggling miners but rewards the most efficient ones with a larger share of block rewards as competitors drop offline. This dynamic plays out in every downturn, where the adjustment mechanism doesn’t rescue struggling miners but rewards the most efficient ones with a larger share of block rewards.
[Body Paragraph 2: The specific operational implication]
For gas plant operators, this means that while the cost of electricity has increased due to the difficulty adjustment, those who are already profitable can continue to operate at higher rates. However, for those operating at lower levels of efficiency, this could lead to a decrease in profitability.
[GasGx Take:] To address this issue, GasGx offers an LCOE Calculator that allows users to accurately forecast their costs based on their current energy usage and future projections. This tool can help operators make informed decisions about their operations, ensuring they are maximizing their profits while minimizing waste.
[Recommended SEO Tags:] "Bitcoin Mining Profitability", "GasGx LCOE Calculator", "Grid Power", "Industrial Tariff", "Flare/Stranded Gas"
[Body Paragraph 1: Analysis of the market/tech situation]
The difficulty adjustment on Friday lifted hashprice from ~$30 to ~$35/PH/s. That sounds like relief. However, it's important to note that this adjustment doesn't save struggling miners but rewards the most efficient ones with a larger share of block rewards as competitors drop offline. This dynamic plays out in every downturn, where the adjustment mechanism doesn’t rescue struggling miners but rewards the most efficient ones with a larger share of block rewards.
[Body Paragraph 2: The specific operational implication]
For gas plant operators, this means that while the cost of electricity has increased due to the difficulty adjustment, those who are already profitable can continue to operate at higher rates. However, for those operating at lower levels of efficiency, this could lead to a decrease in profitability.
[GasGx Take:] To address this issue, GasGx offers an LCOE Calculator that allows users to accurately forecast their costs based on their current energy usage and future projections. This tool can help operators make informed decisions about their operations, ensuring they are maximizing their profits while minimizing waste.
[Recommended SEO Tags:] "Bitcoin Mining Profitability", "GasGx LCOE Calculator", "Grid Power", "Industrial Tariff", "Flare/Stranded Gas"
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