Bitcoin miners generated $1.215 billion in October, their best monthly result since November 2025. This apparent record masks a less favorable reality: each unit of computing power now yields
Bitcoin miners generated $1.215 billion in October, their best monthly result since November 2025. This apparent record masks a less favorable reality: each unit of computing power now yields much less, which increases the gaps between operators.
The revenues of mining companies reached $1.215 billion in October, compared to about $1.20 billion in December 2025. However, they remain below the $1.26 billion recorded last November. These amounts include bitcoins created with each block and fees paid by network users.
Your 1st cryptos with BinanceThis link uses an affiliate program.Reported over the 31 days of the month, the average revenue reaches about $39.2 million per day. This total represents all sums distributed by the protocol, and not the profits actually retained by companies after paying for electricity, machines, cooling, and their debts.
Several figures help understand this paradox :
Hashprice measures the theoretical daily revenue obtained with a given amount of computing power. At the rate observed on October 1st, a constant capacity of 1 PH/s could produce about $14,688 of gross revenue over a year. By November 1st, this projection falls to nearly $12,111, a difference of over $2,500.
This comparison does not take into account difficulty variations, bitcoin price, or fees. However, it shows why a record collective revenue does not guarantee an improvement for each miner. The pie has grown, but more machines have to share it.
Bitcoin’s hashrate stood around 1,082 EH/s at the beginning of November, while blocks were produced on average every 9 minutes and 52 seconds. This power confirms the technical robustness of the network, even after bitcoin’s decline and the Binance hack.
However, it exerts direct pressure on operators. When new machines join the network, the same amount of bitcoins must be divided among more computing power. Mining difficulty then adjusts to maintain an average interval close to ten minutes between blocks.
Bitcoin’s price remains the main factor for hashprice expressed in dollars. An analysis attributes about 77% of the unit revenue variations observed over fourteen-day periods since the April 2024 halving to the crypto’s price. Difficulty and fees also play a role, but their recent influence appears more limited.
Transaction fees currently provide only weak support, representing about 0.45% of mining revenues in the twenty-four hours before November 1st. Companies therefore rely almost entirely on block subsidies and bitcoin’s value.
In this setup, the advantage goes to operators who can obtain cheap electricity and use recent equipment. Several new machines now operate under 10 joules per terahash. Older models consume more to produce the same power and quickly become unprofitable when hashprice declines.
November begins with bitcoin around $77,000, after a low near $76,100. A new price decrease would further reduce revenues expressed in dollars, while electricity and financing costs would remain largely unchanged.
The most fragile miners then have several options: stop their less efficient equipment, sell more bitcoins, renegotiate their energy contracts, or sell some assets. A sustained hashrate drop could then cause a negative difficulty adjustment, giving some relief to operators still active.
October’s revenue should therefore be interpreted as an activity indicator, not a profitability measure. It confirms that the network continues to distribute more than a billion dollars per month, but the hashprice decline reveals much tougher competition.
The real signal for November will not be a new global record. Instead, it will be necessary to observe if the hashprice stabilizes, if miners reduce their BTC sales, and if the hashrate remains above one zettahash per second. A prolonged divergence between increasing power and declining unit revenue would accelerate the selection between the most efficient operators and those whose costs have become unsustainable.
