Bitcoin briefly slipped below the psychologically charged $100,000 line this week, unsettling miners, traders and analysts. The asset touched $99,800 on Bitstamp, marking its first sub-six-figure print since late June. By Tuesday afternoon, it had clawed back to around $100,000–$101,000, still down roughly 5% in 24 hours.
The move followed October’s $7,000 flash crash and a broader softening across risk assets, confirming that even in a halving year, gravity still applies to digital gold.
The Bitcoin hashprice (miners’ daily revenue per petahash of processing power) has sunk to its lowest point since April. Data from Hashrate Index places it at around $41 per PH/s, a sharp fall from the $49.61 logged just eight days ago. One widely cited intraday reading of $40.85 captured the market’s trough.
That’s a 17–20% revenue decline in barely a week, eroding margins across the board. In July, miners earned about $63.92 per PH/s; today, they’re down more than 36% for the same work.
Revenues Back to April Levels
Tuesday’s $7,000 price slide pushed miner revenues to lows unseen since 8 April 2025. Even with Bitcoin’s network humming at roughly 1,112 exahash per second (EH/s) (or just over a zettahash) profitability has thinned dramatically.
Difficulty remains near equilibrium, and block times hover close to ten minutes, but that steadiness offers cold comfort when margins evaporate. Unless a difficulty adjustment eases the load or spot prices recover, some smaller operators could be forced to power down machines.
Industrial-scale farms with access to cheap hydro or flare gas are likely to weather the storm; retail miners paying retail electricity rates, less so.
Pressure Builds in a Post-Halving Landscape
The squeeze was always coming. After April’s halving cut block rewards to 3.125 BTC, miners were banking on higher prices and transaction fees to compensate. Instead, subdued fee activity and an unrelenting hashrate have created a near-perfect storm of compression.
For now, the Bitcoin hashprice remains the miner’s pulse, and it’s running cold. Unless energy costs fall or the market warms up, expect further consolidation within the mining sector and renewed debate about Bitcoin’s industrial arms race.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice.
