Public Bitcoin miners are feeling the squeeze. Current data shows the cash expense of mining a single BTC has hit $74,600, but that's just scratching the surface. When you factor in equipment depreciation and stock-based compensation, the real number jumps to $137,800 per coin.

The pressure cooker? Network hashrate just blew past 1 zettahash per second—a monster milestone that's cranking up competition across the board. Miners are now battling not just market volatility, but an arms race where securing block rewards demands heavier capital and cutting-edge rigs. The gap between cash outlay and total cost tells you everything: profitability margins are tightening fast.