Bitcoin Mining Profit Falls for Fourth Straight Month as Miners Tighten Liquidity
Hashprice near $35 per PH/s sits below roughly $44 all-in costs, stretching payback periods for new rigs beyond 1,000 days.
Overview
- JPMorgan reports November marked a fourth consecutive decline in mining profitability, with daily block reward gross profit down 26% from October.
- The Bitcoin network averaged 1,074 EH/s in November, slipping 1% from October’s record and keeping competition and difficulty elevated.
- Industry data show hashprice fell from about $55 per PH/s in Q3 to roughly $35, below the median all-in cost near $44 for major public miners.
- ROI timelines have lengthened, with even efficient rigs now facing payback periods exceeding 1,000 days as hashrate hovers near 1.1 ZH/s.
- Public miners’ market cap fell 16% month over month to $59B, with Cipher up 9% and Bitdeer down 40%, while financing shifts toward higher-cost secured notes and CleanSpark repaid a Coinbase-backed credit line after raising convertibles.