Bitcoin is back above $85,000, and after the year miners have had, that’s welcome news. In earlier editions, we looked at shrinking margins, Bitcoin-backed financing and the move into AI. So how much does this rally actually change that picture?
🟢 More revenue from the machines already running
As of yesterday, hashprice had risen 4.1% over the week to $40.93 per PH/s/day. Hashprice measures the revenue earned from a given amount of computing power, before costs. For miners, that improvement means more dollars coming in to cover electricity, staff and equipment bills without having to expand their fleets.
🟡 Some companies have already made other plans
A stronger bitcoin:native doesn’t automatically bring every operator back to mining.
@CoinSharesCo's latest report gives a striking example:
@Core_Scientific paid $41.9 million in Q2 to cancel an order for 15 EH/s of mining hardware as it converted sites for AI workloads. That’s a substantial commitment to a different business, not simply switching machines off until mining becomes more attractive.
đź”´ Difficulty has risen too
Mining difficulty increased 4.16% on September 19, meaning the same computing power now earns fewer BTC on average. Transaction fees also contributed just 0.59% of the week’s block rewards, providing little additional income. The rally helps, but how much reaches a miner’s bottom line still depends heavily on its power bill and the efficiency of its machines.
The Signal:
This rally (even if it's just a few weeks) gives miners more room to make decisions. For those still focused on mining, sustained higher revenues could support equipment upgrades and make some previously uneconomic capacity worth running again.
With Bitcoin’s recent rally, it’s a good time to revisit the advice from Tony Dicarlo and Richard Green’s conversation from a few months ago: control costs, improve hardware efficiency and actively manage the treasury so the business can fund its operations without being forced to sell BTC.