Weekly Crypto Mining Report: Hashrate Eases for the First Time as Hashprice Hits a Series Low

Hashrate paused after two straight difficulty increases. It averaged about 1,059 EH/s, down 2.3% from ~1,084 EH/s, and slid from 1,078 EH/s on 1 November to 1,029 EH/s on 4 November, slightly below the ~1,062 EH/s needed for 10-minute blocks at 148.36T. Because of this, blocks arrived slightly late for the first time in this series. About 843 blocks were found in six days (~140.5 per day, a ~10.2-minute average), 2.4% below target, producing 2,634.4 BTC (~$204 million).

BTC’s average price was ~$77.5K, down about 4% from last week, and the realised hashprice averaged ~$32.13/PH/day, down 12% and the lowest weekly figure we have recorded. BTC rebounded to ~$80.4K on 5 November, lifting Hashrate Index’s hashprice to $34.28, and the 12 November retarget is now projected at only +1.87%, much smaller than the last two.

Bitcoin Mining Dashboard

Daily Network Data (30 October – 4 November 2026)

Hashrate, BTC price, blocks and BTC mined are from ICR’s daily tracking sheet. Hashprice is realised subsidy revenue per PH/s (BTC mined × BTC price ÷ hashrate in PH/s) and excludes fees. Difficulty stayed at 148.36T, set late on 29 October, for the whole week.

Daily BTC mined (bars) against network hashrate (line). The dashed line marks the 450 BTC/day target at 144 blocks/day.

This was the first week in this series with output below target. Hashrate eased from 1,078 EH/s on 1 November to 1,029 EH/s on 4 November, about 3% below the ~1,062 EH/s needed for 10-minute blocks. Three of the six days fell short of the 450 BTC target. Tuesday 3 November was the weakest, with 127 blocks and 396.88 BTC (~12% below target) and a realised hashprice of $29.16, the lowest daily hashprice we have recorded.

BTC Production & Miner Revenue

BTC production over the six days came to 2,634.4 BTC, or about 439 BTC per day. That is ~10% less per day than last week (~490 BTC/day). Difficulty had risen 5.54% on 29 October and hashrate fell about 2%, so block production dropped from about 157 to about 140.5 per day. On a 7-day basis, this pace equals roughly 3,070 BTC. Fees rose slightly to about 0.6% of the block reward.

Bitcoin Mining Pools

Pool block counts, hashrate and shares as compiled by ICR from block-attribution data on 5 November 2026 (977-block sample).

Over the week, total pool hashrate fell about 3.0% to ~1,024 EH/s (from ~1,056 EH/s), and concentration eased. The top three pools found 62.1% of blocks (64.0% last week), and the top five found 77.5% (78.5% last week). Foundry USA lost 1.5 points to 24.9%, and AntPool lost 0.7 points to 20.0%, while ViaBTC gained 0.9 points to 9.8%. SpiderPool returned to fifth at 5.5% (+1.1 points), OCEAN rose to 4.9% (+1.2 points), and Luxor slipped to eighth at 4.6% (−1.0 points). Binance Pool found just one block (0.1%), and two pools new to our list appeared: CloverPool (1.0%) and TrustPool (0.9%). There were three empty blocks, two from OCEAN and one from ViaBTC.

Pool outlook

Last week, we expected Binance Pool’s miners to lift the big FPPS pools and push the top five toward 79–80%. Binance Pool has indeed almost emptied (from 0.85% to 0.1%), but the largest pools lost share instead of gaining it, so that call missed. Block data cannot show where individual miners went. CloverPool and TrustPool, together ~1.9% of blocks, are one possible destination, but we cannot confirm it. With Binance Pool already close to zero, its 10 November closure should have little further effect, and we now expect the top five to stay in a 77–79% range. OCEAN’s two empty blocks and lower health score (95.9%) are worth monitoring, but they are too few to signal a problem.

Top 5 Bitcoin Mining Countries

Shares from the Hashrate Index Q4 2026 Global Hashrate Heatmap (unchanged); hashrate implied by applying each share to ~1,059 EH/s.

Top 5 Mineable Proof-of-Work Coins

Compared with the 30 October snapshot, XMR rose about 8.5% to ~$635, with its network hashrate and difficulty both up about 15.5%. ZEC rose about 5.8% to ~$1,323, and BTC about 2.8% to ~$80.4K. DOGE network hashrate rose about 12% to ~3.1 PH/s, and BCH hashrate rose about 6% to ~4.2 EH/s.

Mining Cost & Profitability

The table below shows estimated electricity-only production costs at the current 148.36T difficulty, and at the ~151.1T estimated for the 12 November retarget.

The mid-case cost stayed at ~$61.2K per BTC this week. At the week’s average BTC price of ~$77.5K, the mid-case gross spread was about 21% of price, in line with the ~22% we expected. BTC’s rebound to ~$80.4K on 5 November lifts that to about 24%. A ~+1.9% retarget on 12 November would raise the mid-case cost to ~$62.3K and trim the spread at $80.4K to about 22.5%. This is not corporate net profit: debt service, depreciation, hosting, staff, maintenance, SG&A and financing costs are excluded.

ASIC Economics

As a rule of thumb, at this week’s average realised hashprice of ~$32.13/PH/day, an ASIC covered its electricity when tariff × J/TH was below about 1.34 (for example, $0.06/kWh × ~22 J/TH). At 5 November’s $34.28, the threshold is about 1.43 ($0.06/kWh × ~24 J/TH). With BTC flat, a ~+1.9% retarget would trim it to about 1.40 (~23 J/TH).

ICR View: Last Week’s Calls, Outcomes & Next Week’s Outlook

What we predicted last week, and what happened

Scorecard: two calls were right (hashprice and margins), two were close (difficulty and hashrate) and two missed (issuance and pool concentration, covered in the Pool outlook). The misses trace to hashrate easing instead of holding, and to Binance Pool’s miners not visibly moving to the largest pools.

Expected effects next week (5 – 11 November 2026)

•             Difficulty: No change until the retarget at block 975,744, estimated for 12 November. CoinWarz puts it at +1.87% to ~151.1T, with about 45% of the difficulty cycle mined. With hashrate ending the week near 1,030 EH/s, below the ~1,062 EH/s needed for 10-minute blocks, we expect slightly less: a range of 0% to +2%, with a base case of about +1%.

•             Hashprice: Each $1,000 move in BTC shifts hashprice by about $0.43/PH/day. With BTC between $78K and $82K, we expect hashprice of ~$33–35 before the retarget, and roughly $0.50 lower after a +1–2% increase. Base case ~$34.

•             Hashrate: We expect ~1,030–1,070 EH/s. Hashrate Index’s forward curve implies about 1,056 EH/s for November, a pause rather than a climb or a sharp exit.

•             BTC issuance: With hashrate just below the ~1,062 EH/s needed for 10-minute blocks, we expect ~142 blocks a day, about 445 BTC a day, or ~3,100 BTC for the week.

ICR prediction & conclusion

This week looked like a pause, not a capitulation. After two increases in two weeks (+5.92% and +5.54%), hashrate pulled back about 2% to ~1,059 EH/s, blocks slowed below target for the first time in this series, and a ~4% lower BTC price (average ~$77.5K) pushed the realised hashprice down to ~$32.13, our lowest weekly average. BTC’s rebound to ~$80.4K on 5 November has since lifted hashprice to $34.28. Our prediction for next week: a retarget of about +1% (range 0% to +2%) around 12 November, hashprice of ~$33–35, hashrate of 1,030–1,070 EH/s and about 3,100 BTC of issuance.

Sources: ICR daily tracking sheet (30 Oct – 4 Nov 2026), Hashrate Index (5 Nov), CryptoSlate (4 Nov), CoinWarz, ICR pool data (5 Nov) and Minerstat.