Mining margins weakened as hash prices declined and rig payback periods stretched, even as listed miners rallied on analyst upgrades and new HPC agreements.
Profitability across the Bitcoin mining industry is facing new strains amid rising network competition and declining revenue conditions.
Bitcoin miners are facing a fresh squeeze as the network’s hashrate — a measure of the total computing power competing to secure the Bitcoin network — climbed to a record 1.16 ZH/s in October while Bitcoin’s (BTC) price fell toward $81,000 entering November, according to a report by The Miner Mag.
Hash prices, which track miner revenue per unit of computing power, fell below $35 per hash, dropping under the $45/PH/s median total hash price reported by public mining companies. The decline leaves several operators approaching breakeven levels.
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