A key indicator of Bitcoin mining revenue has hit a record low, prompting many mining companies to shut down their equipment as the price of the leading cryptocurrency falls and energy costs rise.
A closely watched measure of Bitcoin mining revenue has dropped to the lowest on record with more of the large-scale computing outfits that make the cryptocurrency work unplugging equipment while prices tumble and energy costs climb https://t.co/RumS7SR9JH
— Bloomberg (@business) February 5, 2026
Revenue per unit of computing power has fallen to 3 cents per terahash, compared to $3.5 in 2017.
Source: Hashrate Index.Mining difficulty stands at 141.66 T.
Source: CloverPool.According to Glassnode, the hash rate (7DMA) is above 1 ZH/s.
Source: Glassnode.Analysts at Newhedge predict a mining difficulty drop of over 13% in the next recalculation, marking the largest decline since the crypto industry was banned in China in 2021.
This situation has negatively impacted the stocks of public miners. On February 5, CleanSpark shares fell by 10%, MARA by 11%, TeraWulf by 8.5%, and Riot by 4.8%.
CleanSpark CEO Harry Sudok described the current downturn as historic, citing two main reasons for the crisis:
- The collapse of Bitcoin prices.
- Winter storms in the U.S.
At the end of January, severe weather in Texas and Tennessee caused a spike in electricity rates. Miners shut down equipment due to unprofitability or as part of network balancing programs.
To diversify their income, CleanSpark and TeraWulf have begun repurposing data centers for AI needs. However, Bitcoin mining still accounts for the majority of their revenue.
Whale Movements
According to Arkham, MARA transferred 1,317 BTC (~$87.4 million) to external wallets and exchanges.
The largest transfer of 653.7 BTC ($43.4 million) went to an address linked to digital asset manager Two Prime. Later, MARA sent an additional 9 BTC there.
About 300 BTC were sent to custodian BitGo, while the remaining 355 BTC were distributed to unidentified wallets.
IREN
Shares of the largest public miner IREN dropped by 11.5% during the main session and lost another 13% in after-hours trading.
Key figures from the quarterly report:
- Revenue: decreased to $184.7 million (forecast was $224 million).
- Net loss: $155.4 million (compared to a profit of $384.6 million in the previous quarter).
The loss is primarily due to a $219 million revaluation of financial instruments and a $31.8 million impairment of equipment. These write-downs were triggered by the planned transition of data centers in British Columbia from mining to AI computing.
IREN co-founder Daniel Roberts noted a high demand for data center services. The company continues to reallocate resources towards more profitable AI workloads.
CleanSpark
CleanSpark shares fell nearly 20% during trading and dropped an additional 10% after the market closed.
Financial results:
- Revenue: $181.2 million, which is $13 million below consensus estimates.
- Net loss: $378.7 million (compared to a profit of $246.8 million a year earlier).
Working capital as of December 31, 2025, was $1.3 billion.
CleanSpark President Gary Vecciarelli announced a transformation of the business model. The company is now diversifying its revenue: mining generates current cash flow, while AI infrastructure is aimed at long-term growth.
In November 2025, Bitfarms announced a gradual exit from the industry and a shift towards AI infrastructure.
In January of this year, Bit Digital outlined similar plans to cease Bitcoin mining to focus on AI strategies and investments in Ethereum.