Bitcoin Miners Achieve Their Best Revenues in Eleven Months

Bitcoin miners generated $1.215 billion in October, their best monthly result since November 2025. However, this apparent record masks a less favorable reality: each unit of computing power now yields much less, exacerbating the disparities between operators.

In Brief

• Bitcoin miners generated $1.215 billion in October, their best monthly result since November 2025.
• Despite this increase in revenues, the hashprice dropped by 17.54% in a month, reducing mining profitability.
• The network power exceeds 1,080 EH/s, intensifying competition among miners.
• Operators with cheap electricity and efficient machines cope better with this pressure.
• In November, a further drop in Bitcoin could further weaken the least profitable miners.

A Record Income That Does Not Benefit Miners Equally

Mining companies' revenues 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 the bitcoins created with each block and the fees paid by network users.

Averaged over the 31 days of the month, the average revenue reaches about $39.2 million per day. This total represents all the amounts distributed by the protocol, not the actual profits retained by companies after paying for electricity, machines, cooling, and their debts.

Several figures help to understand this paradox:

• Miners generated $1.215 billion in October;
• Bitcoin, however, lost about 7.3% over the month;
• The hashprice dropped from $40.24 to $33.18 per PH/s per day;
• This decline reached 17.54% in just thirty days;
• The network's hashrate still exceeds 1,080 EH/s.

The hashprice measures the theoretical daily income obtained with a given amount of computing power. At the rate observed on October 1, a constant capacity of 1 PH/s could produce about $14,688 in gross revenue over a year. By November 1, this projection falls to nearly $12,111, a difference of over $2,500.

This comparison does not take into account variations in difficulty, Bitcoin price, or fees. However, it shows why a record of collective revenues does not guarantee an improvement for every miner. The pie has grown, but more machines must share it.

Network Power Triggers a Cost War

Bitcoin's hashrate was 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 the drop in Bitcoin and the Binance hack.

However, it exerts direct pressure on operators. When new machines join the network, the same amount of bitcoins must be distributed among more computing power. The mining difficulty then adjusts to maintain an average interval of about ten minutes between blocks.

The price of bitcoin remains the main factor of the hashprice expressed in dollars. An analysis attributes about 77% of the observed variations in unit revenue over fourteen-day periods since the April 2024 halving to the price of the crypto. Difficulty and fees also play a role, but their recent influence appears more limited.

Transaction fees currently provide only weak support. They accounted for about 0.45% of mining revenues in the twenty-four hours leading up to November 1. Companies therefore rely almost entirely on block subsidies and the value of bitcoin.

In this configuration, 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 the hashprice declines.

November Could Accelerate Sorting Among Operators

November begins with bitcoin around $77,000, after a low near $76,100. A further drop in price 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 least efficient equipment, sell more bitcoins, renegotiate their energy contracts, or divest certain assets. A sustained decrease in hashrate could then trigger a negative adjustment in difficulty, giving some breathing room to operators still active.

October's revenue should therefore be interpreted as an indicator of activity, not as a measure of profitability. It confirms that the network continues to distribute over a billion dollars per month, but the decline in hashprice reveals a much tougher competition.

The real signal of November will not be a new global record. Rather, it will be important to observe whether the hashprice stabilizes, whether miners reduce their BTC sales, and whether 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.