BTC mining has experienced a notable shift over the past year, with both hashrate and network difficulty retracing from previous peaks. Despite this decline, many miners are operating profitably, as the price of Bitcoin remains above $80,000, resulting in daily proceeds that exceed mining costs for the majority of pools and mining companies.
Mining activity slows, competition eases
Miners are generating around 450 BTC daily over operational expenses, escaping the financial pressure that marked earlier periods. The hash ribbon indicator has signaled that, for the last two months, mining firms have largely remained outside of the so-called ‘distress zone.’
Mining participants have also adjusted their trading behavior, often failing to seize much of Bitcoin’s price surges, as noted by sources tracking their strategies. Over the past year, industry competition has softened, with hashrate falling to around 987 EH/s in October, aligning closely with the 12-month average.
For 2026, network difficulty has trended downward, creating a generally favorable operating environment for miners. The distribution among leading mining pools remains consistent: Foundry USA accounts for 25% of mined blocks, while Binance Pool and others vary in output, with some producing a block every three hours and top performers doing so within 20 minutes.
Miners liquidate reserves, strategic shifts emerge
BTC reserves held by miners have fallen from 1.9 million coins at the close of 2025 to an estimated 1.19 million. Many have chosen to liquidate significant holdings instead of accumulating, reflecting changing business strategies and market conditions.
Foundry USA, which serves primarily as a platform for third-party miners and promptly distributes block rewards, now holds virtually zero BTC. In September, Foundry USA sold its remaining 236 coins. The group recently confirmed that CEO Mike Colyer will step down, remaining as a consultant over the next six months.
Reserves across major pools show divergence. While Binance Pool’s balance has declined slightly to 41,897 BTC from 42,000 in March, AntPool has increased its holdings. F2Pool has also reduced its amount, down from 6,000 to roughly 4,000 BTC over the past two years.
Miners, historically considered holders of last resort, have shifted toward more frequent selling. This trend signals a broader reassessment, with some operators reallocating resources to AI ventures or data center development and remaining wary of potential risk factors such as advances in quantum technology. Holding BTC at any price is no longer the norm.
Alongside these developments, portions of the mining community have diversified into ZCash production, which, while riskier, recently offered higher returns than BTC mining.
Changing technical market trends and investor behavior also influence broader crypto opportunities. In the meme token sector, for example, rapid shifts can turn small investments into large sums within days. Fomo App recently reported a case where “Niu Lai” transformed a $99 entry into approximately $370,000, underlining the volatility and potential gains in the space. Tracking not only asset prices but also trade timing and token selection is considered vital. Tools such as Fomo App combine social tracking, investor leaderboards, and trade notifications to provide real-time discovery and trading of meme tokens, helping users keep pace with market dynamics.
Mining stocks under pressure
Most public mining firms saw their share prices decline over the past month after previously posting strong gains. Sector leader IREN fell by 6.27% to $38.69, compared with a June high of $67.84. TerraWulf (Nasdaq: WULF) has seen its price halve from its 2026 peak, now trading at $14.40.
Mining stocks overall posted larger gains than BTC itself earlier in the year, but these advances have given way to corrections matching reduced market enthusiasm. The absence of prominent AI narratives has also affected perceptions of mining companies, with older, established operations most able to persist as new capital becomes more scarce.
Looking ahead, industry analysts anticipate further declines in mining activity, particularly as winter approaches and the potential to use hydroelectric resources for BTC mining is diminished. The industry remains in flux, adapting to changing economics and shifting away from strategies that previously relied on large BTC reserves as a primary asset for value creation.
Miners have transitioned to a short-term focus, aiming to produce BTC above cost rather than accumulating it. The shift highlights major changes in risk tolerance, business models, and technical priorities within the sector.
