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Bitcoin miners’ daily revenue per unit of computing power fell 8.7% in a week, according to an October 30 analysis by Hashrate Index, the mining data and research platform operated by Luxor. The decline occurred even as the mining forward market priced in little additional network competition through December, following a 16.4% rebound in mining difficulty.
Hashprice and Network Hashrate Data
Hashprice, defined as the expected daily mining revenue for a unit of computing power, stood at $32.86 per petahash per second per day on November 2 at 18:00 UTC. This figure represented an 8.7% decrease from $35.99 recorded a week earlier, based on the latest completed weekly snapshot.
The October 30 analysis from Hashrate Index indicated that implied network computing power would remain relatively stable in the near term. The platform estimated implied network hashrate at 1,056 exahashes per second (EH/s) for November and 1,059 EH/s for December. These forward-implied levels were close to the approximately 1,062 EH/s average recorded over the mining epoch that ended on October 29.
These figures represent forward-implied levels rather than observed future hashrate or scheduled difficulty changes. The methodology, last updated in September, assumes transaction fees of about 0.02 BTC per block when translating contract prices into implied network growth. Variations in actual fee outcomes could alter this interpretation of network growth.
Difficulty Rebound and Forward Contracts
The flattening of the mining curve followed a significant increase in network difficulty. Mining difficulty rose from 127.45 trillion before the September 19 adjustment to 148.36 trillion on October 29. A pause in further competition would leave miners operating at this elevated difficulty level.
The November 2 update placed the average forward hashprice at $33.04 per PH/s/day for the period spanning November 2023 through April 2027. This figure serves as an indicative revenue benchmark for that timeframe, with actual execution dependent on specific agreed contract terms.
Luxor offers two types of forward contracts to help miners manage revenue volatility. In a cash-settled contract, a seller receives the difference when the daily index falls below the agreed price and owes the difference when it rises above it. This mechanism stabilizes the benchmark revenue rate for output matched to the contract’s quantity and dates, provided the contract performs as expected. However, the hedge does not guarantee that mining machines will continue to produce.
A deliverable forward contract provides upfront buyer payment against delivery to Luxor’s mining pool. These contracts are subject to seller credit checks and possible delivery margin requirements. Luxor acts as the counterparty to both cash-settled and deliverable forward contracts, and its order book displays buying and selling interest that its team must confirm as trades.
For operators with fixed dollar power costs, stabilizing the dollar revenue rate on matched output can improve cash-flow planning. Higher-cost fleets require that stabilized revenue to cover electricity and other operational expenses, while more efficient fleets have greater room between gross receipts and costs. Dollar hashprice remains dependent on Bitcoin’s price, transaction fees, subsidy, and network difficulty. Even if competition holds steady, weaker Bitcoin pricing or fees can reduce unhedged revenue for miners.
Frequently Asked Questions
What was the Bitcoin mining hashprice on November 2, 2023?
The hashprice stood at $32.86 per petahash per second per day on November 2 at 18:00 UTC, according to Hashrate Index data.
How much did Bitcoin mining difficulty increase in October 2023?
Mining difficulty rose from 127.45 trillion before the September 19 adjustment to 148.36 trillion on October 29, representing a 16.4% rebound.
