Bitcoin miners faced another difficult month in December 2025, with total revenue falling to approximately $1.21 billion, marking the second-weakest monthly performance of the year according to NewHedge.io data. This represented a 4.13% decline from November's $1.26 billion and was only slightly higher than April's $1.18 billion, the lowest point of 2025.
December Revenue Hits Yearly Low
The primary driver of the revenue contraction was the hashprice — the estimated spot value of 1 PH/s of raw hashing power — which dropped to $36.25/PH/s on December 18, one of the lowest levels recorded in recent years. This slump directly squeezed miners' per-unit profitability. Despite the revenue pressure, the Bitcoin network's hashrate remained above 1,000 EH/s (1 ZH/s) through late December, with the figure settling at 1,046 EH/s in the first week of January 2026. Block times averaged 10 minutes and 8 seconds, slightly longer than usual, suggesting that mining difficulty was relatively high relative to available hashing power.
Hashprice Rebounds; Difficulty Adjustment Ahead
As 2026 began, conditions started to improve. Hashprice recovered 11% from the December 18 low, climbing to $40.26/PH/s. Network hashrate stayed robust, indicating that miners remained committed despite low revenue. Furthermore, the extension in block times points to a potential 1.4% downward difficulty adjustment in the next epoch, which would provide modest mechanical relief to miners by reducing competition for blocks.
Onchain Fees Remain Negligible
Despite occasional spikes in transaction activity, onchain fees continue to account for less than 1% of total block rewards. This means miners are overwhelmingly reliant on the block subsidy — newly minted BTC — for revenue. As a result, improvements in mining profitability are almost entirely dependent on Bitcoin's price appreciation. As of early January 2026, BTC prices have stabilized but have not yet surged, leaving miners in a holding pattern.
Outlook: Patience and Efficiency Are Key
While the hashprice rebound and expected difficulty reduction offer some near-term relief, analysts caution that the mining sector has not yet experienced a fundamental reset. Miners must continue to balance operational efficiency, balance sheet strength, and patience. If Bitcoin's price continues to firm in the coming weeks, early 2026 could provide a more sustainable path to profitability. Until then, the industry remains a test of endurance amid low margins and high competition.