Bitcoin mining profits have reached historic lows as the industry faces a period of survival selection. A Miner Weekly report highlights that November's sharp BTC correction reduced unit hashrate revenue from $55 to $35/PH/s, below the median total cost of $44/PH/s for listed miners. The network's total hashrate is nearing 1.1 ZH/s, extending the payback period for new mining rigs to over 1000 days, surpassing the time until the next halving. In response, mining companies are focusing on deleveraging and preserving liquidity. CleanSpark has repaid its Bitcoin mortgage loan and raised over $1 billion, while Cipher and Terawaulf collectively secured over $5 billion in Q4. This shift indicates a strategic move towards financial stability as the industry braces for a challenging period.