Extremely weak argument.

Here's some simple math: 

Bitcoin is trading at ~$67,000, far below the average production cost of $87,000.

Miners are currently losing, on average, $20,000 for every block they mine. 

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Core Scientific filed for Chapter 11 bankruptcy in December 2022, citing $1.3 billion in debt, falling Bitcoin prices, and rising energy costs.  The company emerged from bankruptcy in 2024 and is now recovering, expanding its operations. 

Compute North, a major infrastructure and hosting provider, filed for Chapter 11 in September 2022 with over $500 million in liabilities, primarily due to debt from facility expansion and the crypto market downturn. 

Celsius Mining, the mining arm of the defunct crypto lender Celsius Network, collapsed in 2022 after its parent company filed for bankruptcy, leaving its mining operations in disarray. 

Rhodium Enterprises, a Texas-based mining firm, filed for Chapter 11 bankruptcy in August 2024, with liabilities up to $100 million, following a $54 million loan default and failed IPO plans. 

GHash.io, a prominent mining pool, ceased operations in 2016 after controlling over 50% of the Bitcoin network’s hashrate, triggering fears of a 51% attack. 

Envion AG, a Swiss company that developed 
As of early 2026, several Bitcoin mining companies have filed for bankruptcy amid a sustained price downturn and rising operational costs. BitRiver, Russia’s largest miner, entered bankruptcy in February 2026 after its parent company, Fox Group, failed to settle over $12 million in energy debts and equipment disputes.  CEO Igor Runets was placed under house arrest on tax evasion charges. 

NFN8 Group filed for Chapter 11 on February 2, 2026, following a fire that halved its mining capacity and ongoing market pressures.  The company secured $2.75 million in financing to support a court-supervised asset sale. 

Rhodium Enterprises, which filed in August 2024, remained in active bankruptcy proceedings into 2026, facing lawsuits and unresolved debt.  Bitfarms announced in late 2025 it would exit Bitcoin mining entirely, rebranding as Keel Infrastructure to focus on AI.

Wider industry stress persists, with Bitcoin trading around $64,000—below the average $87,000 production cost—leading to a 20% hashrate decline and increased financial pressure on public miners like Marathon Digital and Riot Platforms. 

[AI generated (incomplete) list]