Key Takeaways
Bitcoin hashprice drops to its lowest in a decade, squeezing miner revenue.
Mining difficulty and network hashrate reach record highs.
Transaction fees remain minimal, putting even more pressure on miners.
Bitcoin miners are currently facing one of the hardest economic periods in the industry’s history.
Recent data shows Bitcoin hashprice, which measures how much money miners earn for their computing power, has fallen to the lowest level ever recorded.
Hashprice is a metric first coined by Luxor in 2019. It basically measures how much money miners make in U.S. dollars if they control 1 petahashes per second of mining power in a day.
Luxor introduced the hashprice metric in 2019, but backfilled the chart using historical network data going back to 2016. On November 21, 2025, Bitcoin hashprice dropped to $34.49, its lowest point in the entire chart.
Even though bitcoin’s price is still high compared to past years, it is not enough to cover the increasing competition caused by the historic rise in bitcoin mining’s difficulty.
The network hashrate recently surpassed 1 zettahashes per second, pushing the difficulty to a record high of 155T, and as a result, miners are facing extreme conditions and falling revenue today.
Bitcoin Hashprice tells miners how much money they can expect to make per day for the amount of computing power they use. It depends on things like:
Bitcoin’s price
The hashrate the miner controls
How difficult it is to mine
Current block rewards
Transaction fees paid by users
When the Bitcoin hashprice goes down, miners make less money even though they are doing the same amount of work. Right now, all the main factors that support mining revenue are moving in the wrong direction.
Reports show that the hashprice is now lower than it has ever been. Even though bitcoin’s price went up in previous months, hashprice continued to drop, because mining difficulty continued to surge.
And now, hashprice has fallen to below $35 per petahash per day, which is extremely low for the industry and makes it difficult for many miners to stay profitable.
At the same time, mining is harder than ever before because a record amount of computing power is competing to mine bitcoin. The total network hash rate is near 1.1 zettahash per second, which keeps mining difficulty high. This means miners should do more work to solve the blocks.
To make things even worse, transaction fees are very low. Only about 0.73% of mining income comes from fees, while most of the money comes from block rewards.
Fees were expected to become more important after repeated halving events, but that has not happened. As a result, miners are earning less with few fallback options.
The mining crisis is happening while the rest of the bitcoin market is also under pressure. Bitcoin’s price has dropped sharply from recent highs, and major Bitcoin ETFs have seen large withdrawals.
This has caused some of the miners to switch to AI to keep making money, and some analysts argue that investors are fleeing to gold.
Miners won’t be able to keep going like this without facing consequences. For now, the Bitcoin network remains secure because mining competition is still strong.
However, if profitability does not improve, the mining industry could see many shutdowns, mergers, and major changes in the months ahead.
