PANews June 26 news, according to BIT analysis, Bitcoin mining is undergoing the most complex structural adjustment since the protocol's inception. Bitcoin price is holding near $61,000, and total network hashrate is near 1 ZH/s at historic highs, but the industry's economics paint a starkly different picture: profit margins remain under pressure, incentive structures are misaligned, and the 2028 halving will force a systemic re-evaluation across the entire industry. Five independent analysis frameworks (production cost model, hashrate-price divergence analysis, fee revenue analysis, overall security budget, and industry profit/loss analysis) all point to the same conclusion: Bitcoin mining is currently operating near breakeven levels, and no credible alternative revenue source has yet emerged within pure mining operations.

But this does not mean the industry is collapsing. Surviving mining companies are transforming into infrastructure operators, energy arbitrage operators, and AI/HPC computing infrastructure providers. If successful, this transformation could redefine Bitcoin's security model for the next cycle and beyond. At this stage, some mining companies still have the conditions to stand out in this challenging environment.