Interest rate cuts and the Trump-Xi meeting happened, yet the BTC price fell instead of rising. Who will save the miners?

Weekly Bit Insight

• Fed Cuts Rates, Powell Sounds Slightly Hawkish. The Federal Reserve cut interest rates as expected, but Chairman Powell "emergency applied the brakes" at the press conference. He repeatedly warned the market that a second cut in December was "by no means a done deal," directly correcting overly optimistic easing expectations.
• The "Fragile Truce" of Rare Earths for Soybeans. Trump and Xi Jinping reached a one-year trade truce agreement in Busan, South Korea. The core deal involves: the US agreeing to lower tariffs on certain products; in return, China committed to immediately resuming the purchase of 25 million tonnes of US soybeans annually and suspended the expanded plan for rare earth export controls.
• Crypto Market Underperforms. Global crypto market liquidity tightened this week, with Bitcoin prices fluctuating between the $10,500 and $11,600 range.
• Industry Capital Actively Flows into Mining. Companies like Sentinum (Hyperscale Data) announced the deployment of new-generation Bitmain miners, and chip manufacturer Canaan secured a large-scale miner order from North America in October.
• Hashprice Continues to Decline. The price of hashpower maintained its downward trend, sitting at only about 10% above the low point for the year.

I. Market Overview

BTC Price Movement

Bitcoin's price oscillated around $110,000 this week. BTC saw a 4.66% rise since October 20, with the price moving from approximately $109,158 to a mid-week high above $11,600; the price subsequently fell back to around $106,000, completely erasing the week's gains.

Network Hash Rate and Difficulty

The Bitcoin network's total hash rate fluctuated between 1.1 ZH and 1.13 ZH this week, showing a slight pullback from the high point of the month. On October 29, the difficulty adjusted to 155.97 T, an increase of 6.31% from the previous adjustment. The next difficulty adjustment is anticipated on November 12, likely a minor increase. Over the medium term, the 3-month difficulty has increased by over 20%, signifying a general upward shift of the hash rate to a new range.

Transaction Fees

Bitcoin blockchain transaction fees were low this week, accounting for approximately 0.6% of miner revenue. The BTC-denominated average transaction fee per block briefly fell below 0.014 BTC during the week before rebounding to around 0.017 BTC; overall fee contribution remains low.

II. Market Analysis

Price and Output

Hashprice has fallen to $43.4/PH/s/day from its recent high, facing resistance at $49/PH/s/day. At current difficulty and BTC price levels, the hashprice shows a divergence from the difficulty. Calculating with the efficiency of common miners (such as the S19 or S21 series), hashrate revenue is near the breakeven point with operating costs, leaving minimal surplus for most mining farms.

Cloud Mining Market

This week, with the BTC price in a ranging adjustment phase, sentiment in the cloud mining market is cautious. The median nominal quote for 180-day cloud mining products on the market remains around $0.0483/T/day. For example, an investor buying a 180-day cloud mining product on the Bit platform would pay a mining price of $0.0456/T/day.

Industry Trends

Accelerated Capital Investment in Mining and Increased Hash Rate Concentration. In Q3 2025, public mining companies raised over $4 billion through convertible bonds and other financing, driving hash rate expansion and diversification. Marathon (MARA) maintains its position as the largest miner with 53.3 EH/s, while Bitdeer's hash rate saw a 33% year-over-year increase, rising to the fifth-largest miner. Riot, Hut8, and others are also continuously expanding their hash rate. Meanwhile, the difficulty continues to hit all-time highs, further compressing hashprice and miner profits, which is particularly unfavorable for smaller, higher-cost mining operations. Overall, miner profitability is slim, and industry competition and cooperation are shifting towards large-scale, high-efficiency operations.

III. News and Events

Miner Expansion and Business Transformation

US-based Sentinum (Hyperscale Data) announced on October 29 the purchase of an additional 2,000 Bitmain S21Pro miners. This move will nearly double the Bitcoin production capacity of its Michigan data center, sharing infrastructure with a co-located NVIDIA AI cluster. This highlights the trend of miners boosting efficiency through combined compute power and AI services. Strategically, large miners are actively transforming to hedge against hashprice volatility. Riot Platforms reported record Q3 revenue and announced a strategic shift to become a "large-scale, multifaceted data center operator," initiating a 112 MW data center expansion plan.

Miner Innovation

Canaan unveiled its new-generation Avalon A16XP miner at the Blockchain Life Summit in Dubai, setting a new energy efficiency benchmark of 12.8 J/TH. This breakthrough immediately put immense pressure on all mining companies using older equipment, mandating a large-scale equipment upgrade and capital expenditure across the industry to maintain competitiveness. Furthermore, Canaan reported the sale of approximately 50,000 Avalon A15 miners to a US mining company, marking its largest single order in 2025.