Bitcoin miner revenue rebounds 78% from July low

Bitcoin miners’ daily revenue rose 78%, from about $27 million at July’s low to as much as $48 million, as Bitcoin recovered from $58,000 to above $83,000. The figures, drawn from CryptoQuant data in CryptoSlate’s October 9 report, mark a sharp improvement after months of pressure. They describe industry revenue, however, not profit at every mining company.

The change is largely tied to Bitcoin’s higher dollar price: miners receive rewards in BTC, so a price rise increases their value in dollars. CryptoSlate also cited Hashrate Index data showing hashprice — expected daily revenue per unit of computing power — briefly topped $40 per petahash per second per day, its highest level since January, before easing to about $39. That measure better reflects revenue per unit of mining capacity, but it still does not account for each operator’s power costs, equipment efficiency or debt.

How far has the recovery reversed the earlier squeeze?

Mining conditions improved from the June stress described by The Block, which reported that a seven-day average of daily miner revenue had fallen to about $30 million. Transaction fees contributed less than $250,000 to that total, and the report estimated roughly 20% of miners were unprofitable at then-current prices. It also put Bitcoin near $62,500 against JPMorgan’s estimated $78,000 production cost. Those June figures use a seven-day average and different reference points from July’s daily low and the later peak, so they show the direction of the squeeze rather than a like-for-like revenue comparison. The Block’s June report linked the pressure to weak fees, falling prices and high network difficulty.

CryptoQuant’s Miner Profit/Loss Sustainability indicator, as reported by CryptoSlate, classified miners as “extremely underpaid” for much of May through August, then generally “fairly paid” from Aug. 21, when Bitcoin reached about $76,000. The categories are CryptoQuant’s assessment of revenue relative to network difficulty; they do not establish that every miner has crossed its own break-even point.

What is improving, and what could still weigh on margins?

Network hashrate — the computing power securing Bitcoin — rose from 899 exahashes per second on July 31 to about 962 EH/s, according to CryptoQuant’s figures cited by CryptoSlate. More computing power can indicate that operators are bringing equipment back online as returns improve. It also means miners compete for the same block rewards, which can put pressure on revenue per unit of capacity as difficulty adjusts.

The fee market remains a weaker source of income than the price recovery. CryptoQuant’s seven-day average for daily transaction fees rose from about $195,000 to $275,000, CryptoSlate reported, still below the $400,000–$800,000 range seen during parts of 2025. With fees small relative to block subsidies, miners remain exposed to a Bitcoin price fall or difficulty rising faster than revenue.

Which signals will show whether the rebound lasts?

The next test is whether hashprice and miner revenue hold up as network hashrate recovers. CryptoSlate reported that extreme miner outflows — large transfers from wallets associated with miners — had not recurred since an approximately 29,000 BTC outflow on Aug. 21; the latest daily reading was about 12,000 BTC, within the report’s normal range. Wallet movements do not necessarily mean coins were sold, but sustained lower outflows alongside stable or rising miner balances would be consistent with less pressure to liquidate holdings.

CryptoQuant identified Bitcoin’s 365-day moving average near $80,000 as a short-term level to watch. A decline toward it could test the revenue recovery, particularly for less efficient operators, while rising difficulty could narrow gains even if Bitcoin holds its price. The shift is substantial against the summer lows; whether it becomes durable depends on both sides of miners’ economics: the value of rewards and the cost of competing for them.

Source material

• CryptoSlate’s October 9 report — cryptoslate.com
• The Block’s June report — theblock.co