Bitcoin miners are facing a fresh profitability squeeze after the network’s mining difficulty climbed 6.31% to 155.97 trillion, marking the third-largest upward adjustment of 2025. Even with the tougher environment, miners have kept the network running at more than 1,100 EH/s, while block times remain close to the standard 10-minute pace.
October revenue improved, but margins remain under pressure
According to the figures cited in the report, bitcoin miners generated about $1.595 billion in revenue during October 2025, with roughly $1.584 billion coming from block subsidies. That was up from $1.564 billion in September, an increase of around $31 million. October revenue was also 13.77% higher than the level recorded in January 2025. Still, higher gross revenue has not translated into a clearly easier operating environment.
Hashrate stays elevated as hashprice weakens
As of Nov. 1, network hashrate stood at around 1,110.86 EH/s, down from a recent peak of 1,164 EH/s on Oct. 19, a reduction of about 54 EH/s. At the same time, the economics of mining have worsened. Hashprice, which measures the estimated daily value of one PH/s of mining power, fell from roughly $50.66 a month ago to about $44.67 now. That drop reflects shrinking returns per unit of hashrate as difficulty rises and bitcoin’s market price softens.
Low transaction fees offer little relief
Transaction fees continue to contribute only a small share of miner income. On average, less than 1% of each block reward’s value has come from onchain fees, underscoring how dependent miners remain on the block subsidy. On Nov. 1, fees accounted for just 0.75% of the net value earned from finding a block. With fee income still muted, miners remain especially exposed to changes in bitcoin price, network difficulty, and operating costs.
For now, the mining business remains a balancing act between difficulty, energy costs, and bitcoin’s market value. With difficulty moving higher and fee support limited, a recovery in BTC price and hashprice may be necessary before miners see meaningful relief.