XCH Miner

12, Nov

Bitcoin miners experienced a brutal month in November, with monthly revenue hitting the fourth lowest level in 2025.

Miners Cope with a Sharp Decline in the Bitcoin Spot Market

Unfortunately, November revenue fell by approximately 20.9% compared to October, dropping from $1.595 billion to $1.262 billion, according to figures from newhedge.io. In fact, November was the lowest-revenue month since April, becoming the fourth weakest month of 2025.

The most difficult month of the year was still April, with $1.18 billion in revenue, followed by March's $1.22 billion, February's $1.23 billion, and then November's total. Of the $1.262 billion in revenue over the 30 days, only about $9 million came from on-chain fees. Fees contributed an average of about 0.71% of the total block reward.

Bitcoin miners dealt with a brutal November, with monthly revenue reaching the fourth lowest in 2025.

The top three mining pools—Foundry, Antpool, and F2Pool—attracted approximately $368.3 million, $239.9 million, and $139.5 million, respectively. Over the 30-day period, Foundry recorded approximately 29.14% of the total hashrate, while Antpool contributed about 18.98%, and F2Pool about 11.04%. ViaBTC followed closely behind, contributing 10.38% of the total hashrate.

Learn more: Ethereum ETF leads weekly gains, while Bitcoin and Solana remain in the red

Unfortunately, the price of BTC fell sharply again on November 30th and continued into December 1st. According to hashprice on hashrateindex.com—or an estimate of 1 Petahash per second (PH/s)—it is already severely undervalued. At 9 AM EST on Monday, Bitcoin was trading around $85,879, meaning one Petahash was now worth only $36.39. This decline in Bitcoin's dollar-denominated price was a major reason for the drop in November revenue compared to October and has significantly contributed to the pressure miners are currently feeling.

Despite the difficult times, miners are moving forward, adapting to thinner profit margins and slower hash prices while awaiting a more favorable market return. With revenue squeezed, fees depressed, and Bitcoin trading weak in early December, the industry is relying entirely on its greatest tools—efficiency, scale, and patience—the only tools left when the network refuses to give anyone a breather.