Records are made to be broken, and Bitcoin miners shattered them this September. The network hashrate soared to a staggering 1.034 ZH/s on average, with peaks hitting 1.4056 ZH/s on September 20th. That’s not just big. It’s massive. And it happened while profitability took a 7% nosedive.
September’s Bitcoin mining frenzy rewrote the record books despite falling profits—proving miners don’t back down from a challenge.
Public miners aren’t just surviving—they’re thriving. North American operations cranked out 3,401 BTC last month. Down from August, sure, but still representing a quarter of global production. MARA reclaimed its crown with a hefty 53.3 EH/s hashrate, mining 736 BTC. Not bad for a month’s work.
The money keeps flowing despite setbacks. Daily revenue bounced between $45 million and $66 million throughout September. Even with hashprice dropping below $47/PH/s, miners ended the month in the 97th percentile for historical revenue. Jefferies showed confidence in the sector by raising price targets for both Galaxy Digital and MARA Holdings. With ASIC machines running non-stop, these operations maintain their competitive edge in the market. Talk about resilience.
Financing exploded in Q3. Over $4 billion raised in convertible bonds, with TeraWulf eyeing a jaw-dropping $3.2 billion secured-notes deal. The big players now have deep pockets—and they’re not afraid to dig into them.
The stock market noticed. Leading miner equities crushed Bitcoin’s performance, with Bitfarms up 162%, Canaan surging 149%, and CleanSpark climbing 125%. Meanwhile, Bitcoin itself dropped 3.7%. Who needs crypto gains when you can own the miners?
Infrastructure keeps expanding too. MARA’s fleet uptime hit 99%, and their Ohio site reached full operational status at 86 MW. They’re gunning for another 14 MW before year-end. No rest for the ambitious.
The difficulty level reached 132T, reflecting the fierce competition. But miners keep showing up anyway. The combined market capitalization of major miners reached an impressive $90 billion by mid-October, showing investor confidence remains strong. They’re diversifying into AI compute and data services to offset the squeeze on margins. Smart move.
September proved one thing: Bitcoin mining isn’t just surviving—it’s evolving.
Through hashrate peaks and profitability valleys, the sector keeps building. Bigger, stronger, more resilient. Like it or not, they’re here to stay.
