CoinShares has warned that the Bitcoin (BTC) mining industry is entering a new shakeout phase, with roughly 15% to 20% of global capacity likely operating below breakeven conditions as profitability remains squeezed despite a resilient network hashrate. The firm described the recent downturn not as a routine cyclical dip, but as the beginning of a structural reordering that may narrow the field to only the most efficient and well-capitalized operators.