Honestly, if you're not familiar with Bitcoin mining and how rewards work, it's super easy to get mixed up and just steer clear of mining altogether.
My nephew asked me, "I thought the upcoming Bitcoin halving is gonna reduce how much Bitcoin miners get? That's coming up soon, right? You won't be able to mine 3 BTC per block anymore, so why are you still at it? You're even trying to solve a block by yourself."
That hit home, and it took me back to when Bitcoin used to reward 6 BTC per block. But I’m not letting it get to me, because all I can think is:
When it was 6 BTC per block, the price was way lower.
Now we’re at over 3 BTC per block.
When the halving hits, it'll drop to about 1.5 BTC per block.
But what if BTC's price is around 400k by then? I reckon that even 1.5 BTC per block will still be worth going for.
Is it really just about the value or am I missing something?
I'm definitely gonna keep mining and stacking up my Bitcoin regardless.
The miners don't see Bitcoin the way you view it, Bitcoin price has went to $18k and crashed to $3.5k and most of the miners never left even when they were mining at loss, it's more like unrealized capital loss on their investment. There are some some old miners that are still holding their block rewards of 6 years ago and haven't sell. If they didn't sell any of those Bitcoin when the price went all time high, nothing will compel them to sell or stop mining if Bitcoin price isn't sustainable.
Beside, big mining companies don't jump to start mining and expect to use mining reward for production cost, they raised a significant amount of money before they start the business, they know this kind of things is possible, so they get prepared with enough funds to sustain the business until the price recover when they can sell to cover up the future running cost.
Miners don't get free Bitcoin, and this is a major problem. Each miner has their own cost of mining Bitcoin, and sometimes it's cheaper to buy Bitcoin.
If you believe the price will reach 400,000 or more, now is the time to buy Bitcoin. According to official statistics, many mining companies have mining costs above 70,000. If you're confident you can make a profit, then go for it.
I don't think it's just all about the value; if you are living in the country with a very cheap electricity rate or free, even with the price drop, you are still making some profit while you cover the electricity cost.
It's a bad idea to go into this business and build a small mining farm without first calculating everything because you might end up selling your units and coins at a loss.
You should calculate your units' hash rate and electricity cost if you can sustain it until the block halving because if you are mining for many years, the maintenance cost plus electricity could wreck your pocket.
Do you think miners will mine simply because they see so many people mining BTC?
You need to consider calculating everything except for those people who mine solo because they don't care about the electricity cost, and the units they use are small units like BitAxe, which is not power-hungry unlike new Bitmain units nowadays.
If I were you if your nephew is planning to enter into this business, I suggest helping him first to calculate everything using this tool below. If you are living with very cheap electricity costs or have a free power source, then the profitability is high even if BTC is bearish.
- https://whattomine.com/asics
- https://www.mycryptobuddy.com/bitcoinminingcalculator
Somehow this still backs my point up
"There are some some old miners that are still holding their block rewards of 6 years ago and haven't sell".
All miners are not the same, some have to sell their Bitcoin everyday or week even after they settle their electricity bills, they are not in for long term holding.
There are miners who believe that their present Bitcoin value can be 15k but the future value will be 150k so they hold it like their lives depends on it.
Bitcoin price crashing should be expected as a Bitcoin miner.
Thanks for your point, I get it still.
Six years ago, mining wasn't that expensive, and some miners didn't sell their Bitcoins after their equipment had paid for itself.
These miners won't lose much money, even if the Bitcoin price drops.
But with each halving, the cost of Bitcoin mining will only increase, and the hashrate is constantly growing.
Why are you looking at the data from November 2025? If you look at it from January 2025, the hashrate has increased.
And if you look at it from January 2025, the hashrate has increased more than 3.5 times.
Considering that some miners are operating without profit or even at a loss, the current 953.90 EH/s seems optimistic.
According to mempool.space The Bitcoin hashrate reached all time high in October 2025 and since November 2025 it has been on decline, so it make sense that philipma1957 used November 2025 as reference point.
From January 2025 to now is also correct, the value has increased but it is not growing yet if you compare it with that of the November 2025.
The Bitcoin price dropped sharply in November, so the hash rate is also declining. With Bitcoin's price high, older equipment is also starting to generate a decent profit.
When Bitcoin was over $120,000, the hash rate was 1,200 EH/s, and at $64,000, the hash rate was 942 EH/s.
I don't think this is profitable for all miners, but they continue to work.