Bitcoin mining is experiencing its most challenging profitability environment to date, according to a report by Miner Weekly. The revenue per unit of computing power has dropped from approximately $55 per PH/s in the third quarter to about $35 per PH/s in November, falling below the median total computing cost of around $44 per PH/s for major publicly listed mining companies. This shift has turned theoretical profitability pressures into a stark reality. With the total network hash rate nearing 1.1 ZH/s, the cost of computing power now more accurately reflects the true earnings potential during difficulty cycles than the cost per Bitcoin. This has extended the payback period for the latest generation of mining machines to over 1,000 days, surpassing the approximately 850 days until the next halving event. In response, CleanSpark has fully repaid its Bitcoin-backed credit line with Coinbase after raising over $1 billion through convertible bonds, indicating a rapid deleveraging and liquidity preservation strategy among mining firms.