Bitcoin miners achieve their best revenues in eleven months

Bitcoin miners generated $1.215 billion in October, their best monthly result since November 2025. This apparent record, however, masks a less favorable reality: each unit of computing power now brings in much less, which accentuates the gaps between operators.

A record income that does not also benefit minors

Revenues from mining companies reached $1.215 billion in October, compared to around $1.20 billion in December 2025. However, they remain lower than the $1.26 billion recorded last November. These amounts include the bitcoins created with each block and the fees paid by network users.

Compared to 31 days of the month, the average income reaches approximately $39.2 million per day. This total represents all the sums distributed by the protocol, and not the profits actually retained by the companies after paying for electricity, machines, cooling and their debts.

Multiple numbers allow us to understand this paradox:

• Miners generated $1.215 billion in October;
• However, bitcoin lost around 7.3% over the month;
• The hashprice increased from $40.24 to $33.18 per PH/s per day;
• This drop reached 17.54% in just thirty days;
• The network hashrate still exceeds 1,080 EH/s.

The hash price measure the theoretical daily income obtained with a determined amount of computing power. At the rate observed on 1^er October, a constant capacity of 1 PH/s could produce approximately $14,688 in gross revenue over a year. At level 1^er November, that projection drops to nearly $12,111, a difference of more than $2,500.

This comparison does not take into account variations in difficulty, bitcoin price, or fees. It nevertheless shows why a record collective revenue does not guarantee an improvement for each miner. The pie has grown, but more machines need to share it.

Grid power sparks cost war

Bitcoin’s hashrate was around 1,082 EH/s at the start of November, while blocks were produced on average every 9 minutes and 52 seconds. This power confirms the technical solidity of the network, even after the decline of 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. Mining difficulty then adjusts to maintain an average interval close to ten minutes between blocks.

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

Transaction fees currently offer little support. They represented approximately 0.45% of mining revenues over the twenty-four hours preceding November 1. Businesses therefore depend almost entirely on the block subsidy and the value of bitcoin.

In this configuration, the advantage goes to operators able to obtain cheap electricity and use recent equipment. Several new machines now operate below 10 joules per terahash. Older models consume more to produce the same power and quickly become loss-making when the hashprice falls.

November could speed up sorting between operators

The month of November begins with bitcoin around $77,000, after a low near $76,100. A further fall in the 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: shut down their least efficient equipment, sell more bitcoins, renegotiate their energy contracts or sell certain assets. A lasting drop in the hashrate could then cause a negative adjustment in difficulty, giving some breathing space to operators who are still active.

October income should therefore be interpreted as an indicator of activity, not as a measure of profitability. He confirms that the network continues to distribute more than a billion dollars per month, but the decline in hashprice reveals much tougher competition.

The real signal for November will not be a new overall record. Instead, we will have to observe if the hashprice stabilizes, if miners reduce their sales of BTC and if the hashrate remains above one zettahash per second. A prolonged divergence between increasing power and decreasing unit income would accelerate the selection between the most efficient operators and those whose costs have become unsustainable.