Bitcoin miners are experiencing a recovery in operating conditions as the cryptocurrency’s price rebound lifts industry-wide revenue and improves mining profitability. Daily mining revenue has climbed from approximately $27 million at July’s lows to as high as $48 million, representing an increase of about 78%. The improvement follows Bitcoin’s roughly 45% recovery from $58,000 to above $83,000.
The recovery is also reflected in hashprice, a key measure of mining profitability that estimates the daily revenue generated by each unit of computing power. According to Hashrate Index data, hashprice recently exceeded $40 per petahash per second per day, reaching its highest level since January, before easing to approximately $39. The metric had fallen to around $27.70 in June as lower Bitcoin prices, weak transaction fees and elevated mining difficulty compressed operators’ margins.
CryptoQuant’s Miner Profit/Loss Sustainability indicator points to a broader improvement in industry economics. Between May and August, miners were predominantly classified as “extremely underpaid,” suggesting that revenue was insufficient relative to the computational resources required to mine Bitcoin. The indicator shifted on August 21, when Bitcoin reached approximately $76,000, and has generally remained in the “fairly paid” category since then. Higher Bitcoin prices increase the dollar value of mining rewards, helping operators cover expenses that do not necessarily rise at the same pace.
Network activity also indicates that mining capacity is gradually returning. Bitcoin’s hashrate recovered to approximately 962 exahashes per second, up from 899 EH/s on July 31. This narrowed the network’s decline from its late-July peak from roughly 18% to 13%, suggesting that improved mining economics may be encouraging operators to reactivate equipment. However, the increase in hashrate also signals renewed competition, which could put pressure on profitability if network difficulty rises faster than mining revenue.
Transaction fees remain a structural limitation. CryptoQuant data shows that average daily fees, measured over seven days, increased from approximately $195,000 to $275,000. These levels remain below the $400,000 to $800,000 range recorded during parts of 2025. As a result, block subsidies continue to account for most mining revenue, leaving operators heavily exposed to Bitcoin’s price movements and changes in network difficulty.
The improvement in profitability has coincided with a reduction in unusually large miner-related Bitcoin outflows. CryptoQuant recorded an extreme outflow of approximately 29,000 BTC on August 21, when Bitcoin was approaching $76,000. Subsequent transfers have remained below that level, with the latest daily reading at approximately 12,000 BTC. Although transfers from miner-associated wallets do not necessarily represent immediate selling, the decline may indicate that operators face less pressure to move large amounts of Bitcoin to meet financial obligations.
Activity among older Bitcoin holders has also moderated. Satoshi-era miners, excluding addresses associated with Patoshi, transferred approximately 600 BTC from their wallets in September, down around 70% from the roughly 2,000 BTC recorded in January. Their combined holdings remain substantial at approximately 590,000 BTC, making changes in their spending activity relevant to potential market supply.
Meanwhile, addresses holding between 100 and 1,000 BTC have stabilized their aggregate balances after a prolonged period of declines. Holdings in this cohort fell approximately 20%, from 64,000 BTC in December 2025 to around 51,000 BTC by early September, before remaining relatively steady. This stabilization could suggest reduced reliance on existing Bitcoin reserves as operating conditions improve, although it does not yet establish a sustained return to accumulation.
Bitcoin’s price trajectory remains central to the durability of the recovery. CryptoQuant identified the 365-day moving average near $80,000 as an important short-term support level, followed by the 200-day moving average around $71,000. A sustained decline toward these levels could reverse some of the recent improvement, particularly for operators running older or less efficient equipment.
The next phase of the mining recovery will depend on whether higher Bitcoin prices can offset increasing network competition and whether miners can begin rebuilding reserves while hashrate continues to recover. For now, stronger revenue and moderating outflows indicate that some of the sector’s financial pressure has eased, but persistently weak transaction fees and exposure to price volatility remain important risks.
