Bitcoin’s network hashrate is approaching an all-time high of 1,038 EH/s, increasing pressure on miners ahead of the April 2028 halving. Matthew Sigel, VanEck’s head of digital asset research, estimates that an S21 XP miner priced at $3,459 would need Bitcoin to average approximately $100,000 from now through the halving to break even. The estimate assumes electricity costs of $0.08 per kilowatt-hour, an unchanged network hashrate and three-year depreciation. Achieving full cash payback by the end of 2028 would require an average Bitcoin price closer to $116,000, while Bitcoin is currently trading at $77,500.