We break down November’s mining pain: hash price near new lows, difficulty still high, and fees stuck at the floor. We show how hedging outperformed spot, why efficiency and power costs decide survival, and where miners pivot toward AI HPC as capital gets cheaper.• November hash price decline and fee drought• Rising difficulty with intermittent negative adjustments• Fleet efficiency tiers and breakeven stress at five-cent power• Real costs beyond energy including opex and depreciation• Forward market results favoring disciplined hedging• Zero-sum dynamics between sellers and buyers of hash rate• Liquidity growth and treasury BTC entering forwards• Deliverable vs non-deliverable forwards for financing• Slower difficulty growth implied into early 2026• Miners exploring HPC and GPU compute to diversifyHit the like button. Feel free to subscribe. Let us know in the comments how you’re feeling about Bitcoin mining and your outlook into 2026. Find us at Luxor.tech or email [email protected] Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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