Bitcoin miners brought in about $1.21 billion in December 2025, down 4.13% from November and ranking as the second-weakest monthly revenue result of the year. Even with profitability under strain, mining participation did not collapse. Network hashrate stayed above 1,000 EH/s through the final days of December, showing that operators largely remained online despite thinner margins.
December capped a weak stretch for miner revenue
Data cited from newhedge.io shows miners earned $1.26 billion in November, then slipped to $1.21 billion in December. Only April was weaker, with a monthly total of $1.18 billion. That left year-end mining economics under visible pressure rather than on stable footing.
The squeeze was reflected in hashprice, the estimated spot value of 1 PH/s of raw hashing power. On Dec. 18, 2025, hashprice fell to the weakest level of the month at $36.25 per PH/s. The report described that reading as one of the lowest seen in recent years, a clear sign of how little revenue each unit of deployed hashrate was generating at the time.
Hashrate stayed elevated while difficulty may ease
Revenue weakness did not push the network into a visible retreat. As the first week of January 2026 came to a close, Bitcoin’s hashrate stood at 1,046 EH/s, with the next difficulty epoch due in two days. Block production also slowed slightly, averaging 10 minutes and 8 seconds.
Current estimates suggest mining difficulty could decline by 1.4%, though that projection may still change before the adjustment arrives. A small slowdown in block times and the possibility of a lower difficulty setting point to limited operational relief. The article stops short of calling it a full reset in miner economics.
Hashprice has rebounded, but fee support remains minimal
Conditions improved somewhat after the mid-December low. Spot hashprice rose to $40.26 per PH/s, an 11% increase from the Dec. 18 trough. That rebound helped support steadier block timing and offered a modest lift to mining revenue expectations entering 2026.
Still, miners are not getting meaningful help from transaction activity. Onchain fees account for less than 1% of the total block reward, leaving operators heavily dependent on BTC price strength to raise the value of the subsidy. Without stronger fee contribution, miner profitability remains tied closely to the coin’s market price.
Early 2026 looks steadier, not fully healed
The near-term picture is less severe than it was in mid-December. Hashprice has recovered from its low, hashrate remains strong, and a softer difficulty setting may offer a small cushion. Even so, the report frames the opening phase of 2026 as a period where efficiency, balance-sheet durability, and patience still define the mining business.