Market briefCR-2026-0491
Mining economics now follow power contracts, not price
Operators with long-dated energy agreements are running a different business from those without.
$0.041▲ +6.2%median contracted power, per kWh
5 minInstitutional Crypto
Spread between the cheapest and most expensive contracted power among listed operators is now wide enough to separate profitable from unprofitable at the same asset price.
Analysing these companies on hash rate rather than on energy position produces conclusions that do not survive a quarter.