Bitcoin Mining Revenue Rebounds 78% as Prices Recover

Daily Bitcoin mining revenue rose 78%, from about $27 million at July’s low to as much as $48 million after Bitcoin recovered from $58,000 to above $83,000.

Hashprice, which estimates the daily revenue generated by one petahash per second of computing power, recently rose above $40, according to Hashrate Index. It later eased to about $39, its highest level since January.

Mining economics had weakened earlier in the year. Hashprice fell to about $27.70 in June as Bitcoin prices declined, transaction fees remained low and network difficulty stayed high relative to miners’ revenue. Operators with high electricity costs, older equipment or large financing obligations faced greater pressure.

CryptoQuant’s Miner Profit/Loss Sustainability indicator classified miners as “extremely underpaid” from May through August. The category means mining revenue was low compared with the computing power required by the network. The indicator moved to “fairly paid” on Aug. 21, when Bitcoin traded near $76,000, and has generally remained there.

Network hashrate also recovered to about 962 exahashes per second, up from roughly 899 EH/s on July 31, according to CryptoQuant. The increase reduced the network’s decline from its late-July peak to about 13%, compared with roughly 18% previously, as some miners brought equipment back online.

Bitcoin rewards are paid in the cryptocurrency, while electricity, equipment financing and other expenses are generally paid in fiat currencies. A higher Bitcoin price raises the dollar value of mining rewards without immediately changing those costs. Hashprice also depends on competition: each unit of computing power can earn more when fewer machines compete for block rewards.

Transaction fees have contributed less to the recovery. CryptoQuant’s seven-day average for daily fees rose from about $195,000 to $275,000, below the $400,000 to $800,000 range recorded during parts of 2025. Block subsidies therefore remain the main source of mining revenue.

Miner wallet outflows have declined since profitability improved. About 29,000 BTC moved from miner-linked wallets on Aug. 21, the last day with an extreme outflow, according to CryptoQuant. Later daily transfers remained below that level, with the latest reading at about 12,000 BTC.

Satoshi-era miners, excluding wallets linked to Patoshi, transferred about 600 BTC in September, down roughly 70% from about 2,000 BTC in January. Those addresses held approximately 590,000 BTC in total.

Wallets holding between 100 BTC and 1,000 BTC reduced their combined balance from about 64,000 BTC in December 2025 to roughly 51,000 BTC by early September. Their holdings have remained broadly stable since then, though the group has not shown sustained accumulation.

CryptoQuant places Bitcoin’s 365-day moving average near $80,000 and its 200-day moving average near $71,000. A decline toward either level could reduce miners’ revenue, while higher network competition could put further pressure on hashprice.