YavuzAkbay2026-11-12

Bitcoin Miners Face a Margin Squeeze

Bitcoin’s network difficulty rose to 148.3T on October 30 which is the highest level since early January. In addition to that it's about 12% above the October 4 level of 132.7T. Over the same period, BTC fell about 15%. Dividing price by difficulty gives a rough measure of revenue per unit of hash. That ratio is down about 23.5% since October 4. Miners earn less per unit of hash while the network is harder to mine. This ignores fees. Miners have started to respond, but only a little. Miner Reserve fell about 2.1K BTC after November 7. That is the largest 3-day drop in the 11 months since November 2025. In my opinion since the move is about 0.18% of the reserve it should be treated as an early sign instead of a wave. Hashrate doesn't show any stress yet. The 30-day average is still about 3% above the 60-day average, so there is no Hash Ribbons capitulation signal. "Miners leaving for AI" stories aren't visible in the network data. Margins are tighter and miners have started to sell a little, but the network hasn't capitulated. I see mining pressure as a mild headwind. The next difficulty adjustment is due around November 13. If a cut happens, it would ease the squeeze. A bigger Miner Reserve drop while the 30-day hashrate average falls below the 60-day average would mark real stress.