Bybit
Bitcoin Hashprice Falls to 14-Month Low at $39/PH/s
Bitcoin’s mining profitability weakened further last week as the hashprice sank to about $39 per PH/s per day, marking its lowest level since September 2024. The decline pushed the metric below the lower bound of its post-halving range, underscoring the mounting pressure on miners.
The drop coincided with a broader market pullback. Bitcoin fell to around $95,000, erasing its year-to-date gains and extending a multiweek period of volatility across the crypto and equity markets. Meanwhile, publicly traded mining stocks lost more than $25 billion in combined market value, a correction of roughly 20% from their mid-October highs.
Hashrate remains near record highs despite falling revenue
Despite the price decline, network competition has stayed intense. Bitcoin’s seven-day moving average hashrate continues to hover around 1.1 zettahash per second (ZH/s), keeping it near its all-time high.
The combination of a falling BTC price and persistently high hashrate has accelerated margin compression across the industry. Analysts note that current economics are challenging even for operators using the most efficient next-generation ASIC fleets.
Miners face mounting pressure amid shrinking margins
As miners enter the second half of November, they face a familiar squeeze: declining revenue, rising competition, and limited strategic levers to offset worsening profitability.
With energy costs elevated and network difficulty remaining high, many operators must cut expenses or reduce output to stay competitive. Industry observers warn that the environment may push less efficient miners out of the market, leading to further consolidation.
Future performance will depend on whether bitcoin’s price stabilizes and transaction fee activity increases. Until then, mining economics are likely to remain strained, adding pressure to an already competitive sector.
