The global Bitcoin mining landscape experienced a challenging week ending November 2, 2026, characterized by retreating asset prices, declining hashprice revenues, and a sharp contraction across nearly all publicly traded mining equities. While network hashrate saw a slight contraction, a recent upward difficulty adjustment continued to squeeze profit margins for operations worldwide.
Market Overview and TLDR
For the week, Bitcoin’s spot price fell 3.5%, moving from approximately $79,510 down to $76,752, bringing its year-to-date performance to -12.2%. This downward pressure on the premier cryptocurrency directly translated into a difficult period for network operators. USD hashprice dropped 8.7% to $32.86 per PH/s/Day, while network hashrate ticked down 2.7% to a 7-day simple moving average of 1,062 EH/s. Conversely, network difficulty adjusted upward by 5.5% to hit 148.36T, and average transaction fees saw a positive boost of 17.4%, providing a minor cushion against declining block rewards.
Over the seven-day window, miners collected a cumulative total of approximately 3,268 BTC in block rewards, worth roughly $258 million at prevailing rates. Transaction fees contributed an additional 18 BTC, valued at approximately $1.42 million, accounting for roughly 0.55% of total block rewards.
Bitcoin Price Action and Futures
Bitcoin’s spot price retreated over the week, moving from a starting mark of $79,510 to close the period at $76,752. Over the preceding 24 hours from the close, the spot price experienced a minor dip of 0.9% from $77,424. Meanwhile, Chicago Mercantile Exchange (CME) futures curves indicated mild contango or stability moving forward into the winter months, with November CME futures priced at $77,180 (+0.6%), December contracts trading at $77,430 (+0.9%), and January futures sitting at $77,690 (+1.2%) relative to the spot baseline.
Hashprice Dynamics and Revenue Metrics
The contraction in Bitcoin’s spot price, combined with the recent difficulty adjustment, exerted heavy downward momentum on mining profitability. USD hashprice plummeted 8.7% over the week, sliding from $35.99 per PH/s/Day down to $32.86 per PH/s/Day. Looking at broader historical averages, the 7-day average hashprice settled at $34.47 (-4.7%), while the 30-day average stood at $37.49 (-12.4%).
Expressed in native terms, the Bitcoin hashprice fell 5.1% over the week, moving from 0.00044922 BTC per PH/s/Day to 0.00042635 BTC per PH/s/Day. The 7-day average BTC hashprice reached 0.00043668 BTC, and the 30-day average rested at 0.00045810 BTC per PH/s/Day.
With hashprice hovering around the $32 to $33 threshold, operations relying on older generation hardware found themselves operating near or below breakeven thresholds, depending on their individual power purchase agreements and fleet efficiencies. Manufacturers and firmware providers noted that optimizing older rigs, such as the S19 and S21 series through specialized firmware solutions, remained a crucial strategy for miners seeking to maintain positive margins in a tightening market.
Network Hashrate and Difficulty Adjustments
The broader network hashrate contracted slightly over the weekly monitoring period, with the 7-day simple moving average sliding from 1,091 EH/s down to 1,062 EH/s. The 30-day simple moving average hovered close behind at 1,054 EH/s.
The network’s automated difficulty adjustment protocol implemented an upward revision of 5.5% on October 29, 2026, pushing network difficulty to 148.36T. Over the 24 hours leading up to November 2, block times averaged 10 minutes and 17 seconds, slightly slower than the protocol target of 10 minutes. Early estimates for the subsequent difficulty adjustment—projected for November 13, 2026—indicated a potential downward correction of approximately 2.8%, though analysts noted that predictions this early in a mining epoch carry significant variance due to short-term noise.
Transaction Fees
Transaction fee generation offered a rare bright spot for miners during the week. Miners collected an average of 0.0183 BTC per block per day in transaction fees, representing a 17.4% increase compared to the previous week’s average of 0.0156 BTC. Over a slightly longer horizon, 14-day and 30-day moving averages for transaction fees both sat at 0.0170 BTC per block, marking an 8.0% increase over preceding periods and helping to offset the broader decline in base block subsidies.
Forward Market Outlook
In the derivatives and forwards sector, the Hashrate Forward Market priced in expectations of a relatively stable revenue environment over the medium term. The forward curve indicated an anticipated average hashprice of approximately $33.04, or 0.043 BTC, over the subsequent six-month window spanning from November 2026 through April 2027.
Bitcoin Mining Equities
Publicly traded Bitcoin mining stocks faced severe headwinds alongside the broader asset price correction. Out of eighteen tracked mining equities, seventeen posted declines over the week, recording a median movement of -11.0%.
The hardest hit among the cohort was Bitdeer (BTDR), which fell 15.1% to $6.02 with a market capitalization of $1.66 billion. Other notable downward movements included ABTC down 14.2% to $6.23, CIFR down 13.6% to $6.66, and IREN down 13.1% to $22.09. Industry heavyweights also experienced noticeable pullbacks, with MARA dropping 5.7% to $6.45, RIOT sliding 7.2% to $11.68, and CleanSpark (CLSK) declining 8.6% to $7.10.
Amid the widespread downturn, Soluna Holdings (SLNH) emerged as an outlier, bucking the trend to post an 11.5% gain, closing the week at $0.58 with a market capitalization of $0.19 billion. Data for Applied Digital (ANY) was unavailable for the weekly reporting period.
Cryptocurrency Mining
Cryptocurrency Mining
Cryptocurrency Mining
