FintechZoom bitcoin mining in short: as of 4 November 2026, mining one bitcoin costs most large listed miners more than the coin sells for once all costs are counted, and the network still runs at roughly 1,033 EH/s. The money in mining has moved to power contracts: Riot, CleanSpark and others are leasing megawatts to AI companies on 20-year terms.
This guide explains how bitcoin mining earns money in 2026, what it costs per coin, why so many public miners are turning their sites into AI data centers, and what that means if you hold bitcoin, mining stocks or neither. Every number below carries a date and a source. Where we give our own estimate, we say so.
Takeaways at a glance
- Bitcoin traded near $78,186 (about £57,964) on 4 November 2026, according to CoinGecko.
- Estimated network hashrate was about 1,033 EH/s and difficulty 148.36 trillion on the same day (Blockchain.com data), about 5% under the October 2025 difficulty record.
- CoinShares put the weighted average cash cost to produce one bitcoin among listed miners at about $75,500 in Q2 2026. Several large miners spent more than that.
- By our estimate, hashprice (revenue per petahash per day, before fees) was about $34 on 4 November 2026.
- Riot Platforms signed a 191 MW, 20-year AI data center lease worth about $9.1 billion; CleanSpark signed a 20-year, $6.6 billion lease at Sandersville, Georgia.
- The next halving is about 75,500 blocks away, which points to around April 2028.
What is bitcoin mining in 2026?
Bitcoin mining is the process of running specialised computers (ASICs) that compete to add the next block to the Bitcoin blockchain. The winner of each block receives newly issued bitcoin, the block subsidy, plus the fees attached to the transactions in that block. A block arrives about every ten minutes.
Since the April 2024 halving at block 840,000, the subsidy has been 3.125 BTC per block. That means the network issues roughly 450 new bitcoin a day (144 blocks multiplied by 3.125). Everything a miner earns comes from its slice of that 450 BTC, plus fees, and the slice depends on how much computing power it runs against everyone else.
Four terms explain almost every headline about mining:
- Hashrate is the total guessing power of all miners, measured in exahashes per second (EH/s). One zettahash (ZH/s) is 1,000 EH/s.
- Difficulty is a number the protocol resets every 2,016 blocks (about two weeks) so that blocks keep arriving every ten minutes, whatever the hashrate.
- Hashprice is the revenue one petahash per second of machines earns in a day, quoted in dollars. It moves with the bitcoin price, fees and difficulty.
- Cost per coin is what a miner spends to produce one bitcoin. Companies and analysts measure it in different ways, which we come back to below.
On 4 November 2026, Blockchain.com’s network statistics showed an estimated hashrate of about 1,033 EH/s, a difficulty of 148.36 trillion and a block height of 974,527. Hashrate is estimated from how fast blocks arrive, so different trackers publish slightly different numbers for the same day.
Is bitcoin mining still profitable in 2026?
For most listed miners, plain bitcoin mining was a thin or loss-making business through mid-2026. CoinShares’ Q2 2026 mining report put the weighted average ex-tax cash cost per bitcoin at about $75,500, while bitcoin ended June at $58,400. With bitcoin near $78,000 in early November, the cash margin is back above zero for efficient operators, but small.
The squeeze shows up most clearly in hashprice. In its Q2 2026 Bitcoin mining report, CoinShares recorded an all-time-low monthly average of $27.7 per PH/s per day in June 2026, against a peak of about $63 in July 2025. By the time the report came out in September, hashprice had recovered to around $38 with bitcoin close to $77,000.
Our estimate for 4 November 2026 is lower than that, at about $34 per PH/s per day before fees. The arithmetic is simple: 450 BTC a day divided by roughly 1,032,500 PH/s gives about 0.000436 BTC per petahash, worth about $34 at $78,186. Bitcoin is worth about the same as in September, but hashrate has risen past 1 ZH/s, so each machine earns a smaller share.
Here is how CoinShares’ Q2 2026 per-coin figures compared for four large US-listed miners. Realised revenue is what each company received for each bitcoin it mined in the quarter.
| Company (ticker) | All-in cost per BTC | Cash cost per BTC | Realised revenue per BTC |
|---|---|---|---|
| MARA Holdings (NASDAQ: MARA) | $163,866 | $85,893 | $70,315 |
| CleanSpark (NASDAQ: CLSK) | $135,691 | $70,452 | $71,691 |
| Riot Platforms (NASDAQ: RIOT) | $113,499 | $74,911 | $71,667 |
| American Bitcoin (NASDAQ: ABTC) | $76,529 | $45,361 | $71,905 |
Two things stand out. First, on an all-in basis, which counts the wear on machines and buildings, none of the four covered its costs at second-quarter prices. Second, MARA’s cash cost was about $15,600 above what it received per coin, which matches CoinShares’ description of MARA mining at a cash loss in the quarter. Low-cost power is what separates the miners at the bottom of the table from those at the top.
Why are bitcoin miners turning into AI data center landlords?
Miners own the thing AI companies are short of: large blocks of grid-connected power with permits already in place. Renting that power to an AI tenant on a 20-year lease pays a fixed amount whatever bitcoin does, and on CoinShares’ estimates it earns about three times as much profit per megawatt as mining.
The largest deals signed in 2026 show the scale. Riot Platforms said on 10 August 2026 that it had signed a 20-year lease with what it described as a leading frontier AI lab for 191 MW of critical IT capacity at its Rockdale, Texas campus. According to Riot’s second-quarter 2026 results release, the lease should bring in about $9.1 billion over the initial term, or about $16.1 billion if the tenant uses both five-year extensions. The first 96 MW is scheduled for December 2027 and the full 191 MW for June 2028. Riot had already delivered 25 MW to Advanced Micro Devices (NASDAQ: AMD) under a lease announced in January 2026.
CleanSpark announced a 20-year, $6.6 billion triple-net lease at its Sandersville, Georgia site with a tenant it called high investment-grade, in its fiscal third-quarter 2026 results on 6 August 2026. The same release showed why the company wants the change: revenue fell 30.5% year on year to $138.0 million and it reported a net loss of $239.8 million for the quarter ended 30 June 2026.
Other miners have gone further. CoinShares reports that IREN (NASDAQ: IREN) expects its move to AI to be substantially complete by 31 December 2026, and that Core Scientific (NASDAQ: CORZ) paid $41.9 million to cancel an order for about 15 EH/s of new mining hardware. Readers who follow how AI spending is reshaping financial firms more broadly can find that side of the story in our guide to AI adoption trends across finance in 2026.
The numbers behind the switch
| Measure (CoinShares estimates) | Bitcoin mining | AI / HPC hosting |
|---|---|---|
| Annual profit per MW | About $0.5 million | About $1.5 million |
| Build or retrofit cost per MW | $0.7 million to $1 million | $8 million to $15 million |
| Revenue tied to bitcoin price | Yes, fully | No, fixed lease payments |
| Typical contract length | None (sells coins at market) | Up to 20 years, plus options |
| Average valuation (EV / next-12-month sales) | 3.7x for miners without AI contracts | 12.9x for miners with AI contracts |
The catch: building costs and delivery dates
The headline contract values are paid over two decades, and most of the money has not started arriving. CoinShares counted more than $100 billion of disclosed backlog across the sector in its Q2 report, supporting only about $1.1 billion of annualised AI and HPC revenue, with roughly 550 MW billing against more than 4 GW contracted. Riot’s tenant does not take its first 96 MW until December 2027.
Building for AI is also far more expensive than building for mining: $8 million to $15 million per megawatt against under $1 million, on CoinShares’ figures. Riot arranged a $573 million interim facility from Morgan Stanley to fund early development. That spending has to be financed with debt, new shares or bitcoin sales before the leases pay back, which is why financing terms matter so much for these stocks.
How long does it take to mine one bitcoin with a single machine?
On our estimate, one 200 TH/s machine mining alone at the 4 November 2026 hashrate would earn about 0.000087 BTC a day, or roughly $6.80. At that rate, one full bitcoin would take about 31 years, before counting any rise in difficulty. Pooled mining smooths the payouts but does not change the expected total.
The working: 200 TH/s is 0.2 PH/s, which is about 0.0000194% of a 1,033 EH/s network. That share of 450 BTC a day is about 0.000087 BTC. A machine of that size typically draws around 3.5 kW, or about 84 kWh a day. Divide $6.80 by 84 kWh and the break-even electricity price is about 8 US cents per kWh, before the cost of the machine itself, cooling and pool fees.
Most household electricity tariffs in the US and the UK are well above 8 cents per kWh, so home mining at these prices tends to lose money unless you have very cheap or surplus power. Check your own unit rate before buying hardware. Our crypto profit calculator can help you test what a holding would be worth at different bitcoin prices, though it does not model electricity costs.
How to read miner cost figures without being misled
“Cost to mine one bitcoin” has no single definition, and the same company can show very different numbers depending on who is counting. Before comparing miners, check whether a figure includes depreciation, taxes, power credits and corporate overhead.
Riot is a good example. In its Q2 2026 release, Riot reported an average cost to mine bitcoin, excluding depreciation, of $49,912 per coin. CoinShares, using its own standard method across the sector, put Riot’s Q2 cash cost at $74,911 and its all-in cost at $113,499. Neither number is wrong. Riot’s metric focuses on direct mining costs, while CoinShares adds overheads and other cash items so that it can compare companies on the same basis.
Our view: when a miner’s press release shows a low cost per coin and its income statement shows a large loss, the gap usually sits in depreciation, overhead and financing. For long-term holders, the all-in figure is the better guide to whether the business earns its keep, because machines wear out in a few years and must be replaced.
What FintechZoom bitcoin mining readers should watch next
Five dated checkpoints will shape mining economics into 2027: MARA’s third-quarter results on 9 November 2026, the next difficulty adjustments, the bitcoin price relative to the roughly $75,000 sector cash cost, delivery dates on the big AI leases, and the next halving, expected around April 2028.
- MARA’s Q3 2026 results. MARA has scheduled its conference call for 9 November 2026 at 5:00 pm ET. MARA is the largest US-listed miner that has not signed a lease of Riot’s size, so its cost per coin and any data center news will show whether pure mining still works at scale.
- Difficulty adjustments. The next retarget falls at block 975,744. Difficulty of 148.36 trillion on 4 November 2026 sits about 5% below the 155.97 trillion record set on 29 October 2025. Another rise would push hashprice down unless bitcoin climbs.
- The $75,000 line. With the sector’s Q2 cash cost near $75,500, a bitcoin price below that level puts many miners back into cash losses and increases selling of mined coins.
- Lease delivery. Riot’s first 96 MW is due in December 2027. Delays on any of the large builds would push back revenue that investors have already priced in.
- The 2028 halving. The subsidy falls to 1.5625 BTC at block 1,050,000. At ten minutes a block, the 75,473 blocks left on 4 November 2026 point to around April 2028. CoinShares expects the next expansion phase for mining as that date approaches.
Are bitcoin mining stocks still a bet on bitcoin?
Less than they used to be. A miner that still sells most of its output into the market moves closely with bitcoin, often more sharply in both directions. A miner with a long AI lease behaves more like a data center developer, with its value tied to construction, financing and tenant credit. Treat the two groups as different investments.
| Company | Main AI / HPC position (as reported) | What drives the shares most |
|---|---|---|
| Riot Platforms (RIOT) | 191 MW frontier AI lab lease (~$9.1bn) plus 50 MW for AMD across two phases | Construction at Rockdale, financing, and bitcoin for the mining side |
| CleanSpark (CLSK) | 20-year, $6.6bn Sandersville lease | Delivery of Sandersville; bitcoin holdings worth $814.9m at 30 June 2026 |
| MARA Holdings (MARA) | Data center plans in progress; no lease of Riot’s size disclosed in our sources | Bitcoin price and cost per coin |
| IREN (IREN) | Leaving bitcoin mining; AI transition expected by 31 Dec 2026 (per CoinShares) | AI cloud revenue and contract wins |
If you want exposure to bitcoin’s price itself, the coin or a regulated product that holds it is the more direct route. Our guide to bitcoin price outlooks and ways to invest in 2026 covers those options, and the FintechZoom crypto markets hub tracks wider price moves.
What this means for US and UK readers
For most readers, the practical choice is between owning bitcoin, owning a regulated bitcoin product, or owning shares in miners, not running machines at home. Each carries different risks, tax treatment and investor protection, and the rules differ between the US and the UK.
In the US, the IRS treats digital assets as property. Its digital assets guidance says income from digital assets is taxable, and mining rewards are generally reported as income at their fair market value when you receive them, with capital gains or losses arising when you later sell. Shares in miners are taxed like any other stock.
In the UK, the Financial Conduct Authority allowed retail investors to buy crypto exchange-traded notes from 8 October 2025, provided they trade on a UK recognised investment exchange. The FCA’s announcement states these products are not covered by the Financial Services Compensation Scheme, and that its ban on retail crypto derivatives stays in place. US-listed mining shares can be bought through many UK platforms, with currency risk on top of the share price.
Our view: the AI pivot makes the better-financed miners less dependent on the bitcoin price, but it swaps one risk for others: large construction budgets, rising debt, and a small number of tenants. Mining shares with long leases may suit investors who want exposure to AI infrastructure; they are a poor substitute for anyone who simply wants bitcoin. If you are weighing coins themselves, our 2026 crypto watchlist sets out the risks of each.
Not financial advice. This article is for general information and education. It is not a recommendation to buy, sell or hold any cryptoasset, share or mining equipment. Bitcoin and mining stocks are highly volatile and you can lose all the money you invest. Crypto products are generally not covered by the FSCS in the UK or by SIPC for the cryptoasset itself in the US. Prices and network data are as of 4 November 2026 and change constantly. Consider speaking to a regulated adviser before investing.
Frequently asked questions
What is hashprice in bitcoin mining?
Hashprice is the expected daily revenue from one petahash per second (PH/s) of mining power, usually quoted in US dollars. It rises when the bitcoin price or transaction fees rise and falls when difficulty rises. CoinShares recorded a record-low monthly average of $27.7 per PH/s per day in June 2026; our estimate for 4 November 2026 was about $34 before fees.
Can I mine bitcoin at home profitably in the US or UK?
Usually not at household electricity prices. On our 4 November 2026 estimate, a 200 TH/s machine earns about $6.80 a day and uses about 84 kWh, so it breaks even near 8 US cents per kWh before hardware costs. Most US and UK household tariffs are above that. Cheap surplus power, such as excess solar, can change the sums.
When is the next bitcoin halving?
The next halving happens at block 1,050,000, when the block subsidy drops from 3.125 BTC to 1.5625 BTC. On 4 November 2026 the chain was at block 974,527, leaving 75,473 blocks. At an average of ten minutes per block that is about 524 days, which points to around April 2028. The exact date depends on how fast blocks arrive.
Does the AI pivot mean bitcoin’s network is getting weaker?
Not so far. Some listed miners are switching off machines, but others, including private operators, keep adding capacity. CoinShares said hashrate fell to about 850 EH/s in early February 2026, yet Blockchain.com estimated about 1,033 EH/s on 4 November 2026. Difficulty adjusts every 2,016 blocks, so blocks keep arriving about every ten minutes whichever way hashrate moves.
Is bitcoin mining income taxable?
Yes, in both the US and the UK. The IRS treats mined coins as income at their fair market value when received, then applies capital gains rules when you sell. HMRC treats mining receipts as either trading or miscellaneous income depending on scale and organisation, with capital gains tax on later disposals. Rules depend on your circumstances, so check with a tax adviser.
Why do different sources quote different costs to mine one bitcoin?
Because they include different costs. Riot reported $49,912 per coin for Q2 2026 excluding depreciation, while CoinShares put Riot’s cash cost at $74,911 and its all-in cost at $113,499 for the same quarter. Company figures often focus on power and direct costs; analyst figures add overhead, taxes and depreciation so companies can be compared on one basis.
Which bitcoin miners have signed AI data center leases?
Among the largest disclosed by early November 2026: Riot Platforms signed a 191 MW, 20-year lease worth about $9.1 billion (announced 10 August 2026) after an earlier AMD lease, and CleanSpark signed a 20-year, $6.6 billion lease at Sandersville, Georgia (6 August 2026). CoinShares also reports AI deals at IREN, TeraWulf, Hut 8, Cipher and Core Scientific.
Sources and data notes: network data from Blockchain.com statistics and prices from CoinGecko, both read on 4 November 2026; mining costs, hashprice history and AI economics from the CoinShares Bitcoin Mining Report Q2 2026; lease terms and quarterly figures from Riot Platforms (10 August 2026) and CleanSpark (6 August 2026) releases. Hashprice, single-machine output and halving timing are FintechZoom estimates based on those figures.
