- Bitcoin hashprice dropped to an all-time low, severely reducing miner earnings.
- Mining difficulty hit a record high, increasing operational costs and competition among miners.
- Falling profitability may force miner exits, testing Bitcoin’s network resilience.
Bitcoin miners are feeling pressure as profitability takes a serious hit. Mining difficulty reached a record 155 trillion on November 3, making earning Bitcoin — BTC , harder than ever. At the same time, hashprice fell to an all-time low of $34.49 per PH/s. Smaller miners face rising costs while returns shrink. As BTC slides roughly 31% from its all-time high, questions arise about whether miners can sustain operations. The sector may face major strain if conditions continue.
Record Mining Difficulty Meets Historic Low Hashprice
The miner community forms a critical part of Bitcoin’s core fundamentals. Mining difficulty climbed to an all-time high, strengthening the network but creating a tougher environment for miners. Hashprice, a key profitability metric, has fallen more than 50% in weeks. For perspective, a miner with 1 PH/s now earns just $34.49 daily before operational costs.
This squeeze hits smaller miners first but could ripple across the sector. Rising difficulty increases operational costs, while low hashprice lowers returns. Mining profitability now sits at 0.0334 USD/day per 1 TH/s, the lowest since 2023. Miners must operate efficiently or risk exiting the market. Capitulation is increasing after weeks of weak price action.
Short-term holders’ NUPL fell to extreme lows, ETFs continued bleeding capital, and long-term holders sold significant chunks of BTC. Spot and Futures data show persistent sell-side dominance. Each attempted bounce faded, suggesting buyers are hesitant to enter. With Bitcoin failing to flip $95,000 or $90,000 into support, forming a true bottom at $86,000 seems premature.
Profitability Pressure and Miner Stress
Profitability is essential for miners to maintain operations. Block rewards dropped to 3.125 BTC after the halving, reducing coins earned per block. Coupled with record difficulty, miners require higher BTC prices to break even. Current mining costs average $112,000, roughly 1.3 times Bitcoin’s present value. This pressure affects not just small miners. Large-scale operations could also feel the squeeze if BTC continues downward.
Sustained low hashprice, high difficulty, and declining BTC price may push miners to exit. Any further capitulation could leave the network vulnerable, even as higher difficulty secures it technically. Large miners now face a critical choice: continue operating at lower margins or scale back to avoid losses. Market observers will closely watch hashprice, BTC trends, and mining exits to gauge the broader impact.
If trends persist, the sector may experience structural shifts with fewer active miners. Bitcoin’s network remains resilient, but miner stress highlights a potential weak spot. Short-term volatility and lower profitability may not signal a collapse, yet challenges for miners are mounting. The coming weeks will likely show whether BTC mining can sustain under current conditions or if a more significant adjustment lies ahead.
