Bitcoin Miners Face Hashprice Drops As Compute Pivots
Key Summary
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.
- Luxor put average forward hashprice at $33.04 per PH/s/day for the strip extending through April 2027 based on recent snapshots.
- Core Scientific generated $233.00M in total Q3 2026 revenue while confirming plans to completely exit Bitcoin mining before 2027.
- Colocation revenue surged nearly 60% quarter-over-quarter to reach $215.40M due to rapid expansion in artificial intelligence infrastructure.
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 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.
Powered Shell Providers Drop Sharply
Powered shell providers shed an average of 35% in October equity valuations amid tightening credit and rate fears. Exchange data monitored by financial desks confirmed that zero signed leases were actually cancelled across public operators. Hyperscaler capital expenditure metrics, chip sales figures, and compute prices continued moving higher throughout the quarter.
Credit markets panicked over liquidity access. The underlying lease fundamentals remained untouched.
Power Constraints Define Compute Scarcity
Power availability remains the primary bottleneck for artificial intelligence compute scaling. Federal energy filings indicate that only 2% of the 2,290 GW total capacity sitting in the US interconnection queue reached commercial operation in 2025. Projections compiled by Morgan Stanley point toward a 38 GW data center deficit across the United States through 2028.
Energized real estate commands an escalating premium. Energy access dictates who actually builds.
Valuation Dislocation Relative to REITs
Public miner valuations trade at a steep discount compared to traditional commercial real estate peers. Equity research models projecting 2028 earnings show these infrastructure providers trading at roughly half the EV/EBITDA multiple of traditional data center REITs. Stabilized real estate capitalization rates sitting between 5% and 7% suggest that existing signed leases alone support enterprise values well above current public equity prices.
Traders recalibrated positions against hard cash flows.
Impact score:3 out of 5 | Narrative Tracker:Layer 1 / Layer 2 Infrastructure
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