Miners Grapple With Bitcoin’s Steep Spot Market Slide
Unfortunately for miners, revenue in November landed about 20.9% below October after earnings slipped from $1.595 billion to $1.262 billion, according to figures logged by newhedge.io. In fact, November delivered the lowest earnings since April and ranked as the fourth weakest month of 2025.
The year’s toughest stretch still belongs to April at $1.18 billion, followed by March at $1.22 billion, February at $1.23 billion, and then November’s total. Out of the $1.262 billion gathered over the 30-day span, only about $9 million came from onchain fees. That works out to fees contributing roughly 0.71% of the total block rewards on average.
The three top dog mining pools — Foundry, Antpool, and F2Pool — pulled in roughly $368.3 million, $239.9 million, and $139.5 million, respectively. Over the 30 days, Foundry logged about 29.14% of the total hashrate, while Antpool’s computing share was around 18.98% and F2Pool’s contribution was around 11.04%. ViaBTC trailed just behind them, contributing 10.38% of the overall hashrate.
What’s not great is that BTC prices dipped massively again on Nov. 30 and carried the slide into Dec. 1. The hashprice via hashrateindex.com — or the estimated value of 1 petahash per second (PH/s) of hashing power — was already sitting at serious lows, and with bitcoin at $85,879 at 9 a.m. EST on Monday, a single petahash is now worth just $36.39. Bitcoin’s drop in USD value played a major role in November’s revenue decline compared with October and is a big part of the pressure miners are feeling right now.
Despite the tough stretch, miners are pressing ahead, and they have to adapt to thinner margins and a sluggish hashprice as they wait for a friendlier market to return. With revenue compressed, fees muted, and bitcoin trading softer into early December, the sector is solely leaning on the greatest in efficiency, scale, and patience — the only tools left when the network refuses to cut anyone a break.
FAQ ❓
- How much revenue did bitcoin miners earn in November? They brought in about $1.262 billion, making it the fourth least profitable month of 2025.
- Why did miner earnings drop compared with October? Lower bitcoin prices and weaker hashprice conditions drove November’s decline.
- Which pools earned the most mining revenue? Foundry, Antpool, and F2Pool led the month with the highest collective payouts.
- How did fees impact miner revenue? Onchain fees made up only about 0.71% of November’s total rewards.
