Bitcoin mining crossed the zetahash threshold in September as the network averaged 1.034 ZH/s, and hashprice fell below $47 per PH per second.
According to a new report by The MinerMag, the step up in difficulty coincided with miners’ equity values nearly doubling since August to about $90 billion by October 15, while BTC fell 3.7 percent over the same period.
The sector’s center of gravity has shifted toward balance sheet capacity, convertible debt, and high-performance computing contracts. Record difficulty has squeezed operating margins, and power costs have remained pinned near fixed-rate agreements.
According to the report, listed operators’ combined market capitalization climbed from roughly $41 billion in August to $58 billion in September and then to $90 billion by mid-October, even as hashprice revisited levels last seen in May.
| Period | Combined Market Cap | Notes |
|---|---|---|
| August | $41B | Start of rally window |
| September | $58B | Continued outperformance vs. BTC |
| October 15 | $90B | More than doubled since August; BTC −3.7% in same period |
The repricing tracks a narrative of digital-infrastructure exposure, where miners present contracted power, data-center buildouts, and AI colocation as incremental earnings streams that are less tethered to block rewards.
The MinerMag’s performance panel shows that leaders over the past month included Bitfarms, up 162 percent, Canaan, up 149 percent, and CleanSpark, up 125 percent. MARA rose 39 percent, Riot 32 percent, and BTC down 3.7 percent in the same window.
The production league table has reshuffled as fleets scale.
Per MinerMag’s September snapshot, MARA realized 53.3 EH/s, about 88 percent of deployed capacity, and mined 736 BTC, selling roughly half. Bitdeer increased its realized hashrate by one-third to 32.7 EH/s and moved into the fifth slot, while HIVE reached 19.3 EH/s and Ciph
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Author: Liam ‘Akiba’ Wright
