Bitcoin Network Hashrate Reaches 937.68 EH/s
TREE NEWS reports: The seven-day average of Bitcoin’s total network hashrate stood at approximately 937.68 EH/s on November 12, 2026. The Puell Multiple, a key metric for assessing miner profitability, was around 0.76, while the hash price for Bitcoin miners was approximately $31.56 per PH/s.
Understanding the Metrics
The Puell Multiple compares the daily issuance value of Bitcoin (in USD) to its 365-day moving average. A reading below 1 typically indicates that miners are earning less than their annual average, often signaling a period of miner capitulation or reduced profitability. At 0.76, the metric suggests that miners are currently under pressure, as revenues are significantly below the yearly norm.
Hash price, which measures the daily revenue per unit of hashing power, at $31.56 per PH/s, reflects the combined impact of network difficulty and Bitcoin’s price. This level is relatively low, especially as the network hashrate continues to climb, intensifying competition among miners.
Industry Implications
The combination of high hashrate and low Puell Multiple points to a challenging environment for miners. With the network security at an all-time high, miners are forced to operate with thinner margins. This could lead to consolidation in the mining sector, as less efficient operators may be forced to shut down or sell their holdings. Additionally, the low hash price may discourage new entrants and slow down the pace of hashrate growth in the short term.
However, for long-term investors, such periods of miner stress have historically presented buying opportunities, as weak hands are flushed out and the network emerges stronger. The resilience of Bitcoin’s hashrate despite low profitability underscores the commitment of large-scale mining operations and the growing institutional involvement in the space.
Forward-Looking Perspective
Looking ahead, the trajectory of Bitcoin’s price will be crucial in alleviating miner pressure. A sustained price increase would improve hash price and the Puell Multiple, potentially triggering a recovery in miner sentiment. Conversely, if prices remain stagnant or decline, further capitulation could occur, impacting network dynamics. Market participants will be closely watching these metrics for signs of a turnaround.
Moreover, the ongoing evolution of mining technology and the potential for efficiency gains could help miners adapt to the current environment. As the industry matures, the ability to operate profitably at lower hash prices will be a key differentiator. The coming months will reveal whether the network can sustain its hashrate growth without compromising miner health.
