Bitcoin Mining Q3 Look-Back and 2026 Outlook

Bitcoin mining entered its coldest profitability phase on record as hashprice slid from a Q3 average of ~$55/PH/s to below ~$35/PH/s in November.

Network competition set a fresh high above 1.1 ZH/s, while the recent market correction pushed payback periods for new hardware beyond 1,200 days—well past the next halving.

Public miners’ Q3 filings also reveal a median total hash cost of ~$44.8/PH/s, suggesting even the most efficient operators are hovering near break-even at current revenue levels. Meanwhile, Q3 and Q4 marked an aggressive return to debt financing—from low-coupon convertibles to higher-cost senior secured notes—as miners work to fund their HPC and AI transitions.

These trends, along with the sharp drawdown in mining equities since mid-October, set the tone for a pivotal end to 2025.

Download the full report for the full analysis—including network trends, hash cost benchmarks, capital-raising patterns, and HPC revenue tracking—in our Q3 Look-Back Report.