Bitcoin Miner Revenue Drops to Lowest Level Since September Amid Network Difficulty Surge

Bitcoin miner revenue has dropped to its lowest level since September, though on-chain metrics show miners are avoiding forced sales of their Bitcoin reserves. The decline follows a 16.4% surge in network difficulty from 127.45 trillion prior to September 19 to 148.36 trillion on October 29. By November 2, daily hashprice fell 8.7% over the week from $35.99 to $32.86 per petahash per second per day, according to Luxor's Hashrate Index. Forward-implied network computing power is projected to stabilize around 1,056 EH/s in November and 1,059 EH/s in December as miners increasingly utilize hedging strategies.