Bitcoin miners took in around $1.12 billion in September, their best month since January. BTC’s rally supported revenues while the network’s difficulty remained virtually unchanged during its latest adjustment. It fell by only 0.03%, to 132.72 trillion. After several difficult months, conditions are becoming a little less tense for operators.
In brief
- Bitcoin miners generated $1.12 billion in September.
- The difficulty has just fallen by only 0.03%, to 132.72 T.
- The hashprice remained around $40 per PH/s.
Bitcoin Gives Miners Their Best Month Since January
September ended significantly better than it started for the mining industry. Revenues reached about $1.12 billion, up from $1.08 billion in May. Only January does better this year with around 1.15 billion.
The recovery was already visible at the beginning of September. At that time, the Bitcoin hash price had increased by 22.24% in one month, even though the network’s computing power remained below 1 ZH/s.
The trend continued during the month. Hashprice, which measures the daily value generated by a petahash of computing power, hit a 30-day high of $41.51. Its low point is $37.45.
For most of September, it hovered around $40 per PH/s. For a miner, a few dollars difference on this indicator can become significant when multiplied by hundreds of petahashes and thousands of machines.
Bitcoin also benefited from a better market environment during August and September. The price increase directly increases the dollar value of rewards received by miners. The result appears in the accounts. 1.12 billion dollars in one month. For an industry that still spent a good part of the year cutting costs, September brings a little breathing room.
Mining difficulty barely changes
Bitcoin’s latest adjustment changed almost nothing. At block 969 696the difficulty fell by only 0.03%, to reach 132.72 trillion. This is the smallest variation recorded since the start of the year.
The contrast with June is important. At the time, Bitcoin mining difficulty dropped 10.09% in a single adjustment, following a sharp contraction in the hashrate. Since January, Bitcoin has seen 19 adjustments.
Eight increased the difficulty. Eleven reduced it. The eight increases represent a cumulative increase of 33.34%. The eleven drops reach 45.30%. In total, the difficulty therefore still shows a net decline of 11.96% in 2026.
This figure counts for minors. Difficulty determines how complex it becomes to find a block. When it decreases, the same amount of computing power can theoretically produce more BTC, all other things being equal.
The latest adjustment of 0.03% changes almost nothing individually. The decline accumulated since January is much greater. The total power of the network also remains below 1,000 EH/s. Blocks were recently produced every 10 minutes and 48 seconds on average, slightly above the target of around ten minutes. The next adjustment is expected around October 18.
Bitcoin miners finally get some relief
The September billion does not solve all the industry’s problems. Miners remain exposed to the price of Bitcoin, the cost of electricity, the constant renewal of their machines and global competition for access to energy.
The sector spent part of 2026 under pressure. In June, JPMorgan estimated that around 20% of miners were no longer profitable under current conditions. The hashprice then fell below $30 per PH/s.
Today, it hovers around $40. The difference is noticeable. This pressure also explains why several large groups no longer rely solely on Bitcoin. Electrical infrastructures built for mining are now of interest to artificial intelligence and high-performance computing companies.
This summer, Bitcoin miners had already signed the equivalent of $150 billion in AI-related contracts, covering more than 7.5 gigawatts of capacity. The good month of September should not stop this diversification. It simply improves the pure mining equation. Bitcoin yields more than in the spring, the difficulty remains lower than its level at the start of the year and the hashprice returns to a more comfortable zone. January had generated about $1.15 billion. September comes just behind with 1.12 billion. For minors, we have seen worse.
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