Yes, mining and hosting margins still work after September, but mostly for operators with cheap power and high uptime. Hashprice sat around $40 per PH/s per day, difficulty barely moved, and revenue was up. Those are network-wide averages, though. Your own margin depends on what you pay per kWh and how many hours your machines actually run.
This is a dated snapshot as of October 5, 2026. Every figure below is attributed to its source and uses its own time window, so read them as a picture of the month, not a forecast.
What September looked like
Bitcoin's difficulty adjustment on October 3 (block 969,696) was about -0.03%, which left difficulty at about 132.72T, according to Bitcoin.com News. CoinWarz shows the same level. That is one of the smallest adjustments in months, and the smallest since at least June.
Two weeks earlier, difficulty rose 4.16% on September 19 to about 132.76T, per the Hashrate Index roundup. For comparison, difficulty was about 138.96T before a 10.09% cut on June 14. Over the year so far it is net down 11.96%: eight increases totaling +33.34% and eleven decreases totaling -45.30%, a figure that comes from Bitcoin.com alone.
Hashrate has been steady too. Hashrate Index put the 30-day average at 948 EH/s, with the 7-day average between roughly 946 and 952 EH/s in late September.
Revenue is the good news. Bitcoin.com, citing Newhedge and mempool.space, reported about $1.12 billion in September miner revenue, the best month since January. That is gross network revenue in US dollars (block subsidy plus fees at market price), not profit. Fees were only about 0.6% of rewards, so the month was driven by the block subsidy, not a fee spike.
What hashprice is, and where it sits
Hashprice is the daily revenue earned per petahash of hashrate, before any costs. When it rises, every machine earns more per day. When difficulty rises or the bitcoin price falls, it drops.
The sources measure it over different windows:
- Bitcoin.com gave a 30-day range of $37.45 to $41.51 per PH/s per day.
- Simplemining's September report gave a September average of $39.38, up 13.4% from August's $34.74. Its daily range ran from $37.49 (September 15) to $41.32 (September 21).
The CoinShares Q2 2026 mining report, published September 15, called June's hashprice of $27.7 per PH/s per day an all-time monthly low. It recovered to roughly $38 to $40 by late summer, about 40% above that trough. CoinShares also put the weighted-average ex-tax cash cost among listed miners at about $75,500 per BTC. That is a reminder that cost structure separates miners more than the headline numbers do.
How power cost moves the margin
Hashprice is revenue. Margin is what is left after power, and power is priced per kWh. The arithmetic is simple, and it is the same for every machine.
An illustrative example, not a real machine: suppose a miner draws a steady 1 kW. Over 24 hours that is 24 kWh.
- At $0.065 per kWh, that costs $1.56 a day.
- At $0.07 per kWh, it costs $1.68 a day.
- At $0.08 per kWh, it costs $1.92 a day.
Between the cheapest and the priciest rate in that range, the gap is $0.36 per kW per day, or roughly $131 a year for each kW you run. Multiply by a fleet and the rate you negotiate starts to matter as much as the hardware you pick.
What each machine earns against that cost depends on its efficiency, which varies a lot by model. We are not putting a spec on the example for that reason. Plug your own machine into the profitability calculator to see where it lands.
What hosted mining margins looked like in September
Simplemining's September report is useful because it shows how wide the spread is. It found hosted-miner margins of 19% to 62% at all-in hosting rates of $0.065 to $0.08 per kWh, across four machines. The gap comes from both the machines and the rates, so no single number in that range describes a typical result.
Simplemining assumes a 1% pool fee and 100% uptime, and says its own fleet averages 95% or better, so real results land lower. It counts power only. Hardware, taxes and pool variance are excluded, and these are September averages, not a forecast.
Here is what uptime does, again as an illustration. Start with $40 of hashprice. A 1% pool fee takes it to $39.60. At 95% uptime, you earn on 95% of the hours, which leaves about $37.62 per PH/s per day. You lose about 6% of revenue before power or hardware enter the picture, and the power rate does the rest.
Choosing a hosting rate
At Fathom Labs, miners bought from us are hosted at $0.07 per kWh all-in, with no minimum. If you bring your own machines, hosting is $0.08 per kWh with a 10-unit minimum. We charge no performance fees and take no share of what you mine.
Our facility is in Southeast Texas, served by Entergy Texas, not ERCOT. If you are comparing offers, ask what the rate includes, whether there is a minimum, and what the host takes beyond the power charge. Our hosting costs guide goes deeper on the cost side, and the hosting page has the current terms.
Nothing here promises a return. September was a decent month, and the data says hosted margins can be solid when the rate is low and uptime is high. It also says they can be thin. Run your own numbers.
FAQ
Is mining still profitable after September 2026?
It can be, depending on your power rate, machine efficiency and uptime. In September, hashprice averaged about $39.38 per PH/s per day according to Simplemining, and Simplemining reported hosted margins of 19% to 62% across four machines at $0.065 to $0.08 per kWh. Those assume 100% uptime and count power only, so real results land lower.
What does a flat difficulty adjustment mean for miners?
The October 3 adjustment of about -0.03% left difficulty at about 132.72T. When difficulty barely moves, the competition for each block stays about the same, so a machine's expected daily output stays close to where it was (assuming the bitcoin price holds). It is a stable stretch, not a promise about the next one.
What is hashprice, and what is a good level?
Hashprice is daily revenue per PH/s of hashrate, before costs. Around $40 is where it sat in September. June's $27.7 was the lowest monthly figure on record per CoinShares. What counts as good depends on your costs: a $40 hashprice means very different things at $0.065 and $0.08 per kWh.
How much does uptime matter?
More than people expect. At 95% uptime you earn on about 95% of the hours, so $40 of daily hashprice becomes about $38 before the 1% pool fee. Simplemining's margin range assumes 100% uptime, while its own fleet runs at 95% or better. Ask any host for its actual uptime record, not just a target.
Figures are a dated snapshot as of October 5, 2026. Not financial advice. To model your own machine, use the profitability calculator, or contact us with questions.