Bitcoin Miners Sign Their Best Month Since January

Bitcoin miners earned approximately $1.12 billion in September, their best month since January. The rise of BTC supported revenues while the network difficulty barely changed during its last adjustment, decreasing by only 0.03% to 132.72 trillion. After several difficult months, conditions are becoming a bit less strained for operators.

In Brief

• Bitcoin miners generated $1.12 billion in September.
• Difficulty has decreased by only 0.03% to 132.72 T.
• Hashprice has remained around $40 per PH/s.

Bitcoin Offers Miners Their Best Month Since January

September ended significantly better than it began for the mining industry. Revenues reached approximately $1.12 billion, compared to $1.08 billion in May. Only January performed better this year with around $1.15 billion.

The recovery was already visible at the beginning of September. At that time, Bitcoin's hashprice had increased by 22.24% in a month, even as the network's computing power remained below 1 ZH/s.

The trend continued throughout the month. The hashprice, which measures the daily value generated by a petahash of computing power, reached a 30-day high of $41.51. Its low was at $37.45.

For most of September, it hovered around $40 per PH/s. For a miner, a few dollars difference on this indicator can become significant when multiplied by hundreds of petahash and thousands of machines.

Bitcoin also benefited from a better market environment during August and September. The price increase directly raises the dollar value of the rewards received by miners. The result is reflected in the accounts: $1.12 billion in one month. For an industry that spent a good part of the year cutting costs, September brings some relief.

Mining Difficulty Changes Little

The last adjustment of Bitcoin changed almost nothing. At block 969,696, the difficulty decreased by only 0.03%, reaching 132.72 trillion. This is the smallest variation recorded since the beginning of the year.

The contrast with June is significant. At that time, Bitcoin mining difficulty had dropped by 10.09% in a single adjustment after a sharp contraction in hashrate. Since January, Bitcoin has undergone 19 adjustments.

Eight have increased the difficulty. Eleven have reduced it. The eight increases represent a cumulative increase of 33.34%. The eleven decreases total 45.30%. Overall, the difficulty still shows a net decline of 11.96% in 2026.

This figure matters for miners. Difficulty determines how complex it becomes to find a block. When it decreases, the same amount of computing power can theoretically produce more BTC, all else being equal.

The last adjustment of 0.03% changes almost nothing individually. The accumulated decrease since January is much more significant. The total network power also remains below 1,000 EH/s. Blocks were recently produced every 10 minutes and 48 seconds on average, slightly above the target of about ten minutes. The next adjustment is expected around October 18.

Bitcoin Miners Finally Get Some Breathing Room

The billion dollars earned in September does not solve all the industry's problems. Miners remain exposed to the price of Bitcoin, the cost of electricity, the constant renewal of their machines, and global competition for access to energy.

The sector has spent part of 2026 under pressure. In June, JPMorgan estimated that about 20% of miners were no longer profitable under current conditions. The hashprice had then fallen below $30 per PH/s.

Today, it hovers around $40. The difference is noticeable. This pressure also explains why several large groups are no longer betting solely on Bitcoin. The electrical infrastructures built for mining are now of interest to artificial intelligence and high-performance computing companies.

This summer, Bitcoin miners had already signed contracts worth the equivalent of $150 billion related to AI, covering more than 7.5 gigawatts of capacity. The good month of September should not halt this diversification. It simply improves the mining equation. Bitcoin yields more than in spring, the difficulty remains below its early-year level, and the hashprice returns to a more comfortable zone. January generated approximately $1.15 billion. September comes in just behind with $1.12 billion. For miners, things could be worse.