The Bitcoin mining sector experienced a modest contraction over the past week, marked by a downward correction in network hashrate, softening hashprices, and a slight retreat in the price of Bitcoin
. Despite these headwinds, transaction fees ticked upward, and public mining equities displayed a remarkably mixed performance dominated by a massive breakout from individual operators like Riot Platforms.
For the week ending November 9, 2026, Bitcoin spot prices fell 4.7%, moving from a localized high of approximately $78,288 down to roughly $74,624. This downward price action placed pressure on mining profitability across the board, pushing the year-to-date performance for the leading cryptocurrency to -14.6%. The broader macroeconomic and spot market cooling directly translated into the mining metrics tracked by the Hashrate Index, affecting overall revenue generation for SHA-256 operators globally.
The Mining Executive Summary
Miners collected a combined total of approximately 2,893 BTC in block rewards over the seven-day period, translating to roughly $222 million based on prevailing spot prices. In addition to the subsidy rewards, transaction fees contributed an extra 21 BTC, valued at approximately $1.60 million. While modest, fees accounted for roughly 0.72% of total block rewards, reflecting a slight relative improvement in on-chain activity compared to previous weeks.
The primary gauge of mining profitability, the USD hashprice, dropped by 2.8% over the week. The metric moved from $32.82 per petahash per second per day (PH/s/Day) down to a spot rate of $31.89 per PH/s/Day. When measured in native digital asset terms, however, the hashprice showed marginal resilience, ticking up 0.3% from 0.00042640 BTC per PH/s/Day to 0.00042749 BTC per PH/s/Day. The 30-day average USD hashprice currently sits at $35.73, indicating that the recent weekly drop accelerates a broader monthly cooling trend for miner revenues.
At current hashprice levels hovering near $32 per PH/s/Day, operational margins have grown increasingly tight. For many commercial and independent miners, this threshold represents the breakeven point, heavily dependent on localized energy costs and the specific generation of hardware deployed in their fleets.
Hashrate and Network Difficulty Dynamics
Network hashrate saw a notable contraction over the week, dropping by 7.8%. The 7-day simple moving average (SMA) retreated from 1,062 exahashes per second (EH/s) down to 979 EH/s, while the 30-day SMA hovered at a more robust 1,044 EH/s. This pullback in aggregate hashing power suggests that some less efficient machines or higher-cost operations may have temporarily curtailed hashing operations in response to the softening hashprice environment.
The network’s latest difficulty adjustment took place on October 29, 2026, raising difficulty by 5.5% to 148.36T. With block times averaging around 10 minutes and 41 seconds over the trailing 24 hours, network statistics indicate that the upcoming difficulty adjustment—expected around November 13, 2026—will likely reverse course. Current estimates point toward a downward adjustment of approximately -6.5%, which would offer much-needed relief to struggling mining margins by reducing the computational burden required to find valid blocks.
Transaction Fees and Revenue Composition
While overall block subsidies remain the dominant source of revenue, transaction fees experienced a positive shift over the seven-day window. Miners collected an average of 0.0228 BTC per block per day in transaction fees, marking a 31.3% increase compared to the prior week’s average of 0.0174 BTC.
Looking at broader averages, the 14-day average transaction fee climbed to 0.0101 BTC, while the 30-day average settled at 0.0180 BTC, representing a 26.8% increase over the monthly timeframe. Although fees still make up a small fraction of overall revenue compared to the block subsidy, the upward momentum provides incremental support to miner treasuries during a period of spot price consolidation.
Forward Markets and Future Outlook
Looking ahead into the derivatives and forward markets, the Luxor Hashrate Forward Market is currently pricing in an average hashprice of $32.69, or approximately 0.00043 BTC, over the next six-month horizon spanning from November 2026 through April 2027. This forward curve suggests that traders and operators anticipate relatively stable, albeit subdued, profitability conditions through the winter months.
Public Bitcoin Mining Stocks
Publicly traded Bitcoin mining equities experienced a bifurcated week of trading, with an equal split of nine companies advancing and nine declining across the board. The median stock movement for the sector was a modest +0.2%, masking significant volatility among specific individual tickers.
The standout performer of the week was Riot Platforms (RIOT), which surged by an impressive 48.3% to close at $17.56, boosting its market capitalization to $6.59 billion. Other notable gainers included Bitdeer (BTDR), which added 5.3% to reach $6.50, and Cipher Mining (CIFR), though several mid-and-small-cap operators saw downward pressure. On the lower end of the spectrum, ABTC suffered the steepest decline of the week, dropping 13.7% to $5.31, while companies like CleanSpark (CLSK) and Canaan (CAN) also faced moderate pullbacks of 5.3% and 5.0%, respectively. Major sector players such as Marathon Digital (MARA) and Core Scientific (CORZ) posted relatively muted changes, shifting +0.9% and -0.6% respectively.
Cryptocurrency Mining
Cryptocurrency Mining
Cryptocurrency Mining
