Bitcoin mining hit a new milestone in October, with the network’s total computing power climbing to an unprecedented 1.13 zettahashes per second. This surge reflects a steady influx of new miners joining the race, driven largely by increased activity in regions like Kazakhstan and the Middle East. The growing competition has strengthened the network’s security and decentralization, but it’s also squeezing profits across the board.
Despite the record-breaking hashrate, miner revenue continues to decline. Tougher block difficulty and rising energy expenses cut into margins, pushing average daily earnings per exahash down from about $52,000 to $48,000, a 7% monthly drop. On top of that, the recent weakness in Bitcoin’s price shaved off nearly 12% from overall mining rewards.
With energy prices climbing globally and hash difficulty showing no signs of slowing, many operators are feeling the pressure. Some miners, especially those in regions facing higher power costs or grid restrictions, could be forced to scale back or relocate.
The record hashrate shows that Bitcoin mining remains as competitive as ever, but unless profitability improves, sustaining these levels of activity may prove challenging in the months ahead.
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