BlockOps Mining · Updated November 4, 2026
October revenue, block counts, hashprice and price figures are as published at the start of November 2026. The November 13 difficulty adjustment is an estimate and will change daily until it happens. Per-machine margins are illustrative projections at the stated power rate, before pool and hosting fees. Nothing here is financial advice.
Key Takeaways
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Miners earned $1.215 billion in October, the best month since November 2025. That's up 8.5% from September, even though bitcoin fell 7.3% over the month.
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The extra revenue came from extra blocks, not higher prices. Hashrate grew faster than difficulty could adjust, so the network found 210 more blocks than a normal month. That paid out about 656 BTC above schedule.
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Per-machine economics went the other way. Hashprice fell 17.5% over October. An S21 XP at $0.07/kWh saw its daily margin drop about 40%, from $4.74 to $2.84.
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November has five dates worth planning around. Binance Pool closes November 10, difficulty adjusts around November 13, and Russia's Siberian winter mining ban starts November 15.
Did your October look like the industry's, or like your power bill?
See current inventory and rates, or walk through your numbers with the team.
Rates as low as $0.07/kWh pass-through, curtailment capped at 120 hrs/yr, you keep title.
Why did miner revenue hit an 11-month high in October?
Short answer
Blocks came in faster than every ten minutes. Hashrate kept rising between difficulty adjustments, so the network found more blocks in October than the schedule called for, and every one of them paid the full 3.125 BTC subsidy.
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Here's the arithmetic. A 31-day month at exactly ten minutes per block produces 4,464 blocks. October produced 4,674, an average of about 9 minutes 33 seconds each. The extra 210 blocks at 3.125 BTC each paid out about 656 BTC that the schedule alone wouldn't have. [2]
That extra issuance did most of the work. Bitcoin fell from about $83,565 to $77,437 over the month, its weakest October in years. Transaction fees stayed under 1% of block rewards. Without the bonus blocks, October would have been an ordinary month. [2]
The catch is that bonus blocks are temporary by design. Difficulty exists to correct exactly this, and it did: two increases on October 16 and October 29 lifted it 11.8% in a month, to 148.36T. Blocks are back near ten minutes, and the extra issuance is gone. [2] [4]
If the industry earned more, why did your margin shrink?
Short answer
Because the total was split across more machines. Average hashrate rose 8.4% to 1,024 EH/s in October. More hashrate sharing a bigger pie still left a smaller slice for each terahash, and hashprice fell from $40.24 to $33.18.
[1] [2]
Take one S21 XP: 270 TH/s at 3,645W, or 87.48 kWh a day. On October 1 it grossed about $10.86 a day. By November 1 it grossed about $8.96. At $0.07/kWh, power costs about $6.12 a day either way. [5]
Network revenue. Up 8.5% month over month.
Revenue per terahash. Down 17.5%.
S21 XP margin at $0.07/kWh. Down from about $4.74 a day to $2.84, roughly 40%.
The quick check for any machine. At a $33 hashprice, divide 138 by the machine's J/TH. The answer is its break-even power rate in cents per kWh. An S21 XP at 13.5 J/TH breaks even at about 10.2 cents. An S21 at 17.5 J/TH breaks even at about 7.9 cents.
There's another way to read October, and it matters if you hold what you mine. Bitcoin earned per terahash depends on difficulty, not the dollar price. A machine that mined through October stacked coins at a lower average dollar cost than buyers paid in September. The dollar margin shrank, but the coins themselves were cheaper to acquire.
Our profitability breakdown runs the break-even math across more machine classes, and why fees won't save miners in 2028 explains why that sub-1% fee share keeps showing up.
What should miners watch in November 2026?
Hashrate is holding around 1,035 EH/s, and early estimates for the next adjustment point to a small decrease. That would be the first break after three straight increases. Here are the dates that matter most. [3]
November 4 to 10: public miner Q3 results. Riot, Hut 8, Core Scientific, IREN, TeraWulf and Bitdeer all report. Watch for how much capacity each is keeping on bitcoin versus moving elsewhere.
[2]November 10, 07:00 UTC: Binance Pool closes. Any hashrate still pointed there stops earning. Binance reopened bitcoin withdrawals on November 1 after the October 29 hack, so there's no reason to leave a balance sitting there.
[2] [6]Around November 13: difficulty adjustment at block 975,744. Early estimates have ranged from about 3% easier to 4% harder. A flat or easier retarget gives machines installed before that date a better two weeks.
[2] [3]November 15: Russia's Siberian winter ban starts. Seasonal restrictions in Irkutsk and nearby regions run to March 15. Russia hosts about 18% of global hashrate, so the ban could take some capacity off the network.
[2]Around November 27: the following adjustment. It lands over Thanksgiving week, with the effects of the Siberian ban partly priced in.
None of these dates will change the basic math. Power rate and efficiency decide how much of the network's revenue reaches you, and both are set before the month starts. If you're still on Binance Pool, our Binance Pool shutdown guide covers how to move.
BlockOps operates on transparent pass-through power pricing, a 120-hour annual curtailment cap, and 60-day written termination notice. Clients retain title to their equipment throughout.
Frequently Asked Questions
How much did bitcoin miners earn in October 2026?
About $1.215 billion, up 8.5% from September's $1.12 billion and the highest monthly total since November 2025. Nearly all of it came from the block subsidy; fees were under 1%.
Why did miner revenue go up when the bitcoin price went down?
Because more blocks were found. Rising hashrate pushed average block times to about 9 minutes 33 seconds, so October produced 210 more blocks than a normal month. The extra subsidy offset most of the 7.3% price drop.
What is hashprice in November 2026?
About $33 per PH per day at the start of November, down from $40.24 on October 1. That's still above June 2026's record monthly low of about $27.70.
When is the next bitcoin difficulty adjustment?
At block 975,744, expected around November 13, 2026. Early estimates lean toward a small decrease, but they change with every block until the adjustment happens.
How do I calculate my miner's break-even power rate?
At a $33 hashprice, divide 138 by your machine's efficiency in J/TH. The result is the break-even rate in cents per kWh, before pool and hosting fees. If hashprice changes, scale the 138 by the same percentage.
Does the Siberian mining ban affect U.S. miners?
Only indirectly. If the seasonal ban takes Russian capacity offline from November 15, network hashrate dips and difficulty can follow it down. That would slightly raise earnings for every miner still running, wherever they are.
The network's best month only matters if your rate lets you keep it.
Open the marketplace for current inventory and rates, or get the team on a call.
Rates as low as $0.07/kWh pass-through, curtailment capped at 120 hrs/yr, you keep title.
