Miners Face a Profit Crunch With Bitcoin Prices Down and Hashprice Reaching Record Lows

With bitcoin down more than 20% this month — marking its harshest monthly showing since 2022 — the network’s hashprice has slipped to levels miners haven’t seen in years. With a little over a week left in November, mining revenue appears headed for territory not witnessed since last year.

November Turns Nasty for Bitcoin Miners

Bitcoin miners are likely daydreaming about a turnaround right now, because the revenue charts are painting a picture that’s… less than flattering. The steep drop in BTC’s price has shoved hashprice into the danger zone.

So, what exactly is hashprice? Think of it as the payout a miner earns for each unit of hashing power they throw into the network. It can be tallied in terahash, petahash, exahash — take your pick.

At the time of writing, hashrateindex.com shows the network’s hashprice in petahash per second (PH/s) sits at $35.33 per PH/s. Another way to put it: a miner cranking out an exahash per second (EH/s) — the same as 1,000 PH/s — is raking in about $35,330.

The hashprice slid to $34.21 on Nov. 21, marking the leanest payout miners have seen in more than five years, back when bitcoin wasn’t fetching anything close to today’s price tags. The story hasn’t changed — miners are feeling the immediate sting of BTC’s price action, and fees still make up just 0.77% of each block reward.

Read more: Bitcoin Price Watch: Daily Downtrend Tightens Its Grip on Price Action

If prices stay pinned down, bitcoin miners could be staring at their weakest monthly haul since last year. So far, newhedge.io data shows miners have pulled in $953 million from both fees and the block reward — and around $946 million of that came from the subsidy alone.

With eight days still left in November, the month is shaping up to be the year’s roughest showing. Bitcoin miners are grinding through a rough stretch, and the data isn’t exactly offering comfort. If momentum returns, miners could shift from survival mode to get a little breathing room — but until then, it’s looking pretty bad.

FAQ ❓

• What is hashprice? It’s the amount miners earn for each unit of hashing power they contribute to the bitcoin network.
• Why is mining revenue dropping? Bitcoin’s price slide has pushed hashprice to multi-year lows, shrinking miner payouts worldwide.
• How low are miner earnings now? Hashprice recently dipped near $34 per PH/s, the weakest level miners have seen in more than five years.
• Why does November look so rough? With revenue lagging and fees barely contributing, the month is pacing to be the toughest for miners since last year.