Bitcoin Mining Reaches Record Strength as Prices Hold Above $100K
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Written by
Simonas Brazionis - Updated 2025-11-04 11:20:53
The Bitcoin network achieved a new all-time high in computational power last month, with its average hashrate climbing 5% to 1,082 exahashes per second (EH/s), according to a report by JPMorgan. The surge underscores rising competition among miners and signals a maturing phase of large-scale operations securing the Bitcoin blockchain.
JPMorgan analysts noted that mining difficulty — the metric that automatically adjusts to stabilize block times — increased by 3% since September and now stands 80% higher than pre-halving levels from early 2024. The halving, which cut block rewards by 50%, has tightened margins across the mining sector.
Despite the stronger network, profit conditions have worsened for three consecutive months. JPMorgan estimates show miners earned roughly $48,000 per EH/s in daily block rewards in October, down 3% from September, while gross profits declined 4%.
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Market Caps Rise as Mining Firms Embrace AI
Even with weaker revenue, U.S.-listed Bitcoin miners posted significant stock market gains in October. The combined market capitalization of 14 tracked companies jumped 25% to $70 billion, driven by renewed investor enthusiasm for high-performance computing (HPC) and AI-focused strategies.
Cipher Mining (CIFR) led with a 48% monthly increase, while Cango Mining (CANG) was the only major miner to underperform Bitcoin, falling 5%. Bitcoin itself slipped 3.9% in the same period.
Bitcoin Holds Above $100K Amid Macro Uncertainty
According to Coin Bureau’s Nic Puckrin, October was a tough month for traders expecting a typical year-end rally. Bitcoin closed the month about 3% lower, marking only the third time — after 2014 and 2018 — that it failed to post gains in October.
Historical data, however, leaves room for optimism. In 2014, a similar dip was followed by a 12.8% rally in November, though 2018 saw a steeper 36% fall. Puckrin emphasized Bitcoin’s resilience, noting that it absorbed over 400 BTC in selling pressure from long-term holders yet remained above $100,000 — a level it hasn’t fallen below since May 2025.
He attributed current volatility to ongoing macroeconomic uncertainty, including the U.S. government funding deadlock and changing expectations around Federal Reserve policy. “Once the selling eases,” Puckrin said, “Bitcoin’s fundamentals — liquidity returning, the end of QT, and weakening fiat currencies — will reassert themselves.”
Long-Term Strength Remains Intact
While miners continue to face rising costs and investors navigate volatile markets, Bitcoin’s record-breaking hashrate and steady price support point to strong underlying fundamentals.
As competition intensifies and global economic conditions fluctuate, the coming months may test both mining efficiency and investor patience. Yet, as JPMorgan’s data and market commentary show, the long-term outlook for Bitcoin remains solidly bullish.
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