Bitcoin Hashprice at $39.05/PH/s as Difficulty Set to Rise 4.82%

The squeeze here is structural, not cyclical: a projected difficulty increase mechanically cuts per-machine revenue, while the listed-miner cash cost cited sits well above what current hashprice economics imply for efficient hardware. That gap is the real story — it determines whether miners keep hashrate deployed or start curtailing, and it feeds directly into how much bitcoin newly listed producers must sell to cover operations. Whether the difficulty adjustment lands as projected, and whether that cash-cost figure holds, are the numbers that matter from here.