Bitcoin Hashprice Slips to $32.86 As Forward Curve Flattens
Key Summary
Mining data platform Hashrate Index reported that daily network revenue per unit of computing power dropped 8.7% to $32.86 per PH/s/day on November 2. The weekly decline followed a difficulty adjustment that pushed network demands higher, while forward curves monitored by Luxor implied flat computational growth through December.
Key Bullets
- Hashrate Index reported spot dollar hashprice at $32.86 per PH/s/day on November 2, down 8.7% from $35.99 a week earlier.
- Forward curve analysis implied network hashrate of 1,056 EH/s for November and 1,059 EH/s for December, hovering near prior epoch averages.
- Luxor put average forward hashprice at $33.04 per PH/s/day for the strip extending through April 2027 based on recent snapshots.
- Cash-settled non-deliverable forward contracts allow miners to stabilize benchmark revenue rates, though operating costs remain fully exposed.
Hashprice Drops As Difficulty Plateaus
Bitcoin daily mining revenue per unit of computing power fell 8.7% to $32.86 per PH/s/day on November 2 at 18:00 UTC, according to data published by Hashrate Index. The weekly decline from the previous marker of $35.99 per PH/s/day arrived alongside a flattening forward curve that implied limited competition growth through the end of the year.
Mining data from Luxor's research division indicated implied network computing power of 1,056 EH/s for November and 1,059 EH/s for December. These forward figures sit close to the 1,062 EH/s average recorded over the mining epoch that concluded on October 29. Difficulty climbed to 148.36 trillion during that stretch before stabilizing.
Forward Curves Imply Flat Growth
Analysis of forward curves from October 30 pointed toward minimal expansion in global computational power through December. That plateau follows a difficulty jump from 127.45 trillion registered prior to September 19. The November 2 update established an average forward hashprice of $33.04 per PH/s/day covering the strip from November through April 2027.
Such curve levels remain indicative projections rather than executable bids or observed future hashrate metrics. Transaction fee assumptions of about 0.02 BTC per block underpin the methodology used by Luxor to translate contract prices into expected network expansion.
Hedges Fail to Fix Operating Costs
Market participants utilize cash-settled non-deliverable forwards to lock in benchmark revenue rates on matched production volumes. Luxor serves as counterparty to these agreements, where sellers receive the difference when daily index rates fall below agreed contract strikes. The mechanics stabilize benchmark gross receipts without insulating operators from electricity bills or facility overhead.
Fleet operators with fixed dollar power agreements can improve cash-flow visibility when combining production with matched hedges. Higher-cost operators still require adequate gross revenue to service electricity expenses regardless of forward curve stability. Unhedged revenues remain vulnerable to sudden drops in spot token prices or transaction fee income.
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