Bitcoin Miners Generate $1.215 Billion in October Despite Falling Prices and Declining Hashprice
09 November 2026
Bitcoin miners earned $1.215 billion in October 2023, marking their highest monthly revenue in 11 months according to CoinDesk. This surge comes despite significant declines in Bitcoin prices and per-unit processing power revenues.
Hashpower's Gross Value Plummeted by Over 17% in a Month
On October 1, 2023, the theoretical daily revenue of one PH/s (petahash per second) of mining power was about $40.24. By November 1, that figure had dropped 17.54% to $33.18 — a significant reduction in gross revenue for Bitcoin miners.
Bitcoin's price fell 7.3% in October 2023. According to Bitcoin news site CoinDesk, the 30-day average price declined from $34,704 to $32,175 in the span of a month. That drop made cryptocurrency mining even more challenging.
Mining Revenue Tops $1 Billion for Second Time in 2023
October's total was Bitcoin miners' second time exceeding $1 billion in mining revenue this year, following $1.12 billion in September 2023, according to CoinDesk.
Despite this, mining revenue doesn't necessarily indicate profitability. Revenue levels measure activity, not profits, wrote CoinDesk. Bitcoin miners compete to process transactions, not necessarily to generate earnings from them.
More on this is available via casino payment guides from CasinoTrust.
Transaction fees contributed just 0.45% to Bitcoin mining revenues in the 24 hours before Nov. 1, 2023, an analysis from CoinDesk shows. This minimal contribution reflects that Bitcoin's computational work, its "proof-of-work," is primarily funded by newly-mined bitcoins rather than transaction fees.
In October, Bitcoin miners processed a theoretical peak network hashrate of over 500 EH/s (exahashes per second). October was the busiest month in recent times, according to CoinDesk, which reported that the world's largest bitcoin mining pools controlled over 50% of the network's hashrate.
The mining network's processing power peaked amid broader cryptocurrency market movements. In October, the ratio of bitcoin to U.S. Treasuries reached 54%, the highest level since June 2023, while Bitcoin's price increased 15.4% versus a 2.9% rise in 30-year U.S. Treasury bond prices.