Bitcoin miners are seeing a significant improvement in operating conditions after months of financial pressure, as the cryptocurrency’s recovery from its July low lifted the industry’s daily revenue to as much as $48 million.
According to CryptoSlate, citing a weekly report from CryptoQuant, total daily mining revenue rose from approximately $27 million at July’s lows to about $48 million. The increase followed Bitcoin’s roughly 45% recovery from around $58,000 to above $83,000.
The improvement has also appeared in hashprice, a key measure of mining profitability. Hashprice estimates the daily revenue generated by a unit of computing power and is commonly expressed per petahash per second. Data from Hashrate Index showed the measure briefly moving above $40, its highest level since January, before easing to around $39 at the time covered by the report.
Higher Bitcoin prices improve miners’ economics
The rebound marks a change from the difficult conditions miners faced earlier in the year. CoinShares previously reported that hashprice fell to approximately $27.70 in June. The decline reflected a combination of weaker Bitcoin prices, persistently low transaction fees and high mining difficulty compared with the revenue available to operators.
CryptoQuant’s Miner Profit/Loss Sustainability indicator showed that miners were generally “extremely underpaid” between May and August. Under the firm’s methodology, that classification meant mining income was inadequate relative to the computational resources required by the network.
The indicator shifted on Aug. 21, when Bitcoin reached approximately $76,000. Since then, miners have generally been classified as “fairly paid”, suggesting that mining revenue has recovered relative to the network’s computing requirements.
That change is important because miners earn rewards in Bitcoin while many of their principal costs—including electricity, equipment financing and other operating expenses—are paid in fiat currencies. A higher Bitcoin price raises the dollar value of rewards without necessarily increasing those costs immediately.
The benefit is not uniform across the industry. Operators with lower electricity costs, more efficient hardware or lighter financing obligations are better positioned to benefit than miners using older equipment or carrying heavier costs.
CryptoQuant said network hashrate had recovered to about 962 exahashes per second, or EH/s, from 899 EH/s on July 31. The network’s drawdown from its late-July peak had narrowed from approximately 18% to 13%, indicating that improving returns may be encouraging some operators to bring computing capacity back online.
Fees remain a relatively small part of mining income
Despite the recovery, miners remain heavily dependent on Bitcoin’s market price rather than on a major increase in transaction activity. CryptoQuant found that daily transaction fees, measured by a seven-day average, increased from approximately $195,000 to $275,000.
Those levels were still below the approximately $400,000 to $800,000 range recorded during parts of 2025. As a result, block subsidies continue to provide most of the industry’s revenue.
This dependence leaves miners exposed if Bitcoin falls or if network difficulty increases more quickly than mining income. As more equipment returns to the network, competition for block rewards can rise, putting pressure on the revenue generated by each unit of computing power.
Miner outflows have returned to normal levels
The improved financial position also appears to have reduced the need for some miners to transfer large amounts of Bitcoin from their wallets. CryptoQuant reported that extreme miner outflows have not occurred since Aug. 21, when approximately 29,000 BTC moved from miner-associated wallets as Bitcoin advanced toward $76,000.
The latest daily reading was about 12,000 BTC, described as within the normal range. Wallet transfers do not necessarily represent immediate sales, but lower outflows may indicate that miners are under less pressure to move reserves after months of weak profitability.
Older market participants also transferred less Bitcoin. Satoshi-era miners, excluding addresses linked to Patoshi, moved approximately 600 BTC from their wallets in September, around 70% less than the roughly 2,000 BTC recorded in January. These participants still controlled about 590,000 BTC in total, making changes in their activity relevant to the market’s potential supply.
Addresses holding between 100 BTC and 1,000 BTC have also stopped reducing their combined balances after a prolonged decline. Their holdings fell by approximately 20%, from 64,000 BTC in December 2025 to around 51,000 BTC by early September, but have since remained relatively stable.
The data suggest miners may be relying less on existing Bitcoin reserves to cover operating needs. However, the industry has not yet shown a sustained return to accumulation.
Moneyiar market picture
Moneyiar data recorded Bitcoin at $82,426.69 at 11:14 a.m. on Oct. 9, 2026, Tehran time. The cryptocurrency was up 0.03% over 24 hours but down 4.64% over seven days.
At the same time, Dai was priced at $0.999876, with 24-hour and seven-day changes of 0.02% and 0.02%, respectively. Quant stood at $244.92, up 4.45% in 24 hours and 3.19% over seven days, while Monad traded at $0.02454, down 3.05% over 24 hours and 27.52% over seven days.
Difficulty could test the recovery
The mining recovery remains vulnerable to a renewed decline in Bitcoin. CryptoQuant identified Bitcoin’s 365-day moving average near $80,000 as an important short-term support level, followed by the 200-day moving average around $71,000.
A sustained move toward those levels could reduce miners’ revenue gains, particularly for operators with less efficient machines. At the same time, rising competition and network difficulty could compress hashprice even if Bitcoin remains above those levels.
A stronger and more durable recovery would be indicated if larger miners began rebuilding Bitcoin reserves while network hashrate continued to rise. That would suggest that current revenues are sufficient not only to meet operating costs, but also to support renewed accumulation as competition increases.
