Bitcoin's network hashrate is approaching an all-time high of 1,038 EH/s ahead of the next halving in April 2028, according to Matthew Sigel, VanEck's head of digital asset research. With BTC currently trading at $77,500, miners face significant economic pressure as difficulty continues to rise. Sigel outlined that a single S21 XP miner priced at $3,459 — assuming $0.08 electricity costs, unchanged network hashrate, and three-year depreciation — would require Bitcoin to average approximately $100,000 from now until the halving to break even. Achieving full cash payback by the end of 2028 would demand an average price closer to $116,000.