Bitcoin Mining Profitability Recovers, but Remains Below 2025 Levels

Bitcoin mining profitability rebounded significantly in August due to a sharp rise in the price of Bitcoin. According to the Luxor Hashrate Index report, the dollar-denominated hashprice, estimated miner's revenue per unit of computing power, increased by 24.4% from $31.63 per PH/s per day at the start of August to $39.33 by the end of the month.

The rise in Bitcoin price was a major driver behind this improvement, with its value increasing from $62,889 to $78,312 in August, a gain of 24.5%. However, even after this recovery, profitability remains significantly lower than last year's levels, at approximately 32% below the 2025 average hashprice of $50.68 per PH/s per day.

The relatively stable network difficulty provided additional support to miners in August, with two adjustments nearly offsetting each other and resulting in a net change of minus 0.34%. However, as early as September 5, network difficulty rose by 1.31% as some computing power that had previously been taken offline began returning to the network.

The increase in computing power could once again put pressure on profitability, as more equipment competes for a fixed block reward, reducing the share of revenue per unit of hashrate. For less efficient equipment, devices with energy efficiency of 25-38 J/TH generated an average energy yield of about $45 per MWh in August, while the average grid electricity cost was approximately $48 per MWh.