On Tuesday, bitcoin’s spot price slipped more than 5% against the U.S. dollar, wiping out more than $7,000 in value since the day’s first trade. The drop hit miners right in the hashpower—revenues tanked to levels they haven’t seen since April 8, 2025, leaving many rigs humming just to stay alive.
Bitcoin’s Falling Hashprice Puts Squeeze on Mining Margins
As of 2:30 p.m. Eastern time, bitcoin has been on a wild ride, swinging between $100,175 and $107,302 per coin while sliding 5% against the greenback. On some exchanges, like Bitstamp, bitcoin dipped below the $100K mark.
Data from hashrateindex.com shows bitcoin’s hashprice — the going rate for a single petahash per second (PH/s) of SHA256 hashrate — now sits at $40.85. Just eight days ago, it was a healthier $49.61 per PH/s, a 17.66% difference that miners are definitely feeling.
Bitcoin’s hashprice on Nov. 4, 2025, according to hashrateindex.com.
It’s hardly a dream week for bitcoin miners watching value melt away, but this slump has been brewing since July. Back on July 11 — 116 days ago — the hashprice clocked in at $63.92 per PH/s. Fast forward to Nov. 4, 2025, and miners are pocketing 36.09% less for the same hashpower. Even with hashprice slipping, bitcoin’s network is still flexing some serious muscle—cranking out over a zettahash, or more than 1,000 exahash per second (EH/s).
At press time, roughly 1,111.99 EH/s are securing the chain, keeping things humming along. Block intervals remain near the 10-minute sweet spot, and for now, difficulty projections for Nov. 12 suggest barely a blip of change. If prices keep dipping while difficulty stays high, miners could be staring down a profitability crunch — especially those running older rigs or paying steep energy rates.
The combination of lower hashprice and unrelenting hashrate could force smaller operations to shut off machines, consolidating power among industrial-scale farms. On the flip side, a rebound in bitcoin’s price or a difficulty adjustment easing the strain could turn the tide. Cheaper energy, more efficient hardware, or renewed market optimism might help miners breathe again — but for now, it’s a waiting game in a high-voltage business.
