Bitcoin miners’ daily revenue per unit of computing power falls 8.7%

Bitcoin miners face weak dollar revenue even as the mining forward market priced in little additional competition through December, according to an October 30 analysis by mining data platform Hashrate Index. That could give miners a respite after difficulty’s 16.4% rebound.

Hashprice, the expected daily mining revenue for a unit of computing power, stood at $32.86 per petahash per second per day on November 2 at 18:00 UTC. That was down 8.7% from $35.99 a week earlier, according to the latest completed weekly snapshot.

Hashrate Index, Luxor’s mining data and research platform, put implied network computing power at 1,056 exahashes per second in November and 1,059 in December in its October 30 analysis. Both were near the approximately 1,062 EH/s average over the mining epoch that ended October 29.

Those are forward-implied levels, rather than observed future hashrate or scheduled difficulty changes. The linked September methodology assumes transaction fees of about 0.02 BTC per block when translating contract prices into implied network growth. Different fee outcomes can therefore change that interpretation.

The curve’s flattening followed a rise in difficulty from 127.45 trillion before September 19’s adjustment to 148.36 trillion on October 29. A pause would leave miners competing at that elevated level.

The November 2 update put average forward hashprice at $33.04 per PH/s/day for November through April 2027. This is an indicative revenue benchmark for that period, with actual execution dependent on agreed contract terms.

How does the miner manage revenue risk?

The revenue rate moves with benchmark inputs, while power costs and actual output determine the margin.

Stable competition and a forward hedge address different risks; neither fixes operating profit.

Curve levels are implications, not observed future hashrate. The November 2 snapshot is dated 18:00 UTC. Forward averages are indicative for November–April, not executable offers. Exposure diagrams assume matched quantities and dates and contract performance.

Sources and evidence

Sources

1. hashrateindex.com
2. hashrateindex.com
3. docs.luxor.tech
4. docs.luxor.tech
5. docs.luxor.tech

Supporting facts

• Hashrate Index’s October 30 forward-curve analysis implied network hashrate of 1,056 EH/s for November and 1,059 EH/s for December, near the approximately 1,062 EH/s average over the epoch ending October 29, with 1,100 EH/s implied for March 2027. [1]
• As of November 2 at 18:00 UTC, Hashrate Index reported spot dollar hashprice of $32.86 per PH/s/day, down 8.7% from $35.99 a week earlier. [2]
• Hashrate Index’s November 2 update put average forward hashprice at $33.04 per PH/s/day over November 2026–April 2027; its October 30 analysis had described $32.88 over the earlier strip through March 2027. [1] [2]
• Hashrate is computing power; hashprice measures expected daily mining revenue per unit of that power. Dollar hashprice depends on Bitcoin price, fees, subsidy and difficulty, so stable difficulty alone does not ensure higher dollar revenue. [3]
• Luxor’s non-deliverable forward is cash-settled: the seller receives the fixed hashprice minus the daily index settlement rate, multiplied by the contracted hashrate; the settlement reverses when the index exceeds the fixed rate. [4]
• A hedge can stabilize benchmark revenue for matched output and dates if the contracts perform, while miners remain exposed to electricity costs, uptime and production shortfalls; fixed power prices and dollar hedges align revenue and costs more closely but do not establish profit. [3] [4] [5] [1]

Method

Reported values from October 30 and November 2. Network chart uses a labeled 1,000–1,100 EH/s scale. Hashprice bars start at zero and scale to reported values. Selectable diagrams explain sourced exposure mechanics without calculating profit.

Scope

Curve levels are implications, not observed future hashrate. The November 2 snapshot is dated 18:00 UTC. Forward averages are indicative for November–April, not executable offers. Exposure diagrams assume matched quantities and dates and contract performance.

Infographic by CryptoSlate

What a hedge still leaves exposed

A plateau in competition would limit additional pressure on revenue. Selling forward serves a separate purpose: stabilizing the benchmark revenue rate for output matched to the contract’s quantity and dates, if the contract performs.

In Luxor’s cash-settled contract, a seller receives the difference when the daily index falls below the agreed price and owes the difference when it rises above it. Matching the quantity and dates to actual output matters: the hedge does not ensure the machines keep producing.

A deliverable forward instead provides upfront buyer payment against delivery to Luxor’s mining pool, subject to seller credit checks and possible delivery margin. Luxor is the counterparty to both sides, and its order book displays buying and selling interest that its team must confirm as trades.

For operators with fixed dollar power costs, stabilizing the dollar revenue rate on matched output can improve cash-flow planning. Higher-cost fleets still need that revenue to cover electricity and other expenses; more efficient fleets have more room between gross receipts and costs.

Dollar hashprice also depends on Bitcoin’s price, fees and subsidy, alongside difficulty. Even if competition holds steady, weaker Bitcoin pricing or fees can reduce unhedged revenue.