Bitcoin Miner Earnings Nov 4-5: Riot, Hut 8, Core, IREN Preview
Bitcoin miner earnings land this week, but they cover a quarter that is already behind us. Riot and Hut 8 report on November 4. Core Scientific and IREN follow on November 5. By our maths, hashprice averaged $35.23 per petahash per day in the third quarter. Over the last week it averaged $33.72, which is 4% lower. It is not a collapse. Still, the reported numbers matter less than what management says about the quarter they are in now.
The bitcoin miner earnings calendar
Here are the dates, each checked against the company’s own release and the ziven.io miner earnings calendar. All times are Eastern.
- Riot Platforms: call on Wednesday, November 4, at 8:00 a.m., per Riot.
- Hut 8: results before the open on November 4, with the call at 8:30 a.m.
- Core Scientific: results before the open on Thursday, November 5, with the call at 8:30 a.m.
- IREN: results for the quarter ended September 30 on November 5, with the call at 5:00 p.m.
However, MARA is not on the list, for a reason. One calendar shows November 3, but only as an estimate. Because we found no MARA announcement, we are not giving it a date.
Why the quarter they report is not the one they are in
The chart tells the story. In the third quarter, a petahash earned about $35.23 a day. October averaged $36.67, higher than that. Then the month turned. Difficulty rose twice in a row: +5.92% on October 16 and +5.54% on October 29, per mempool.space and CoinWarz. As a result, the last week averaged $33.72, about 8% below the October average. In other words, the fourth quarter starts on thinner margins than the third quarter averaged.
We built the line from mempool.space data: the average reward per block, fees included, times 144 blocks, times the bitcoin price, divided by network hashrate. Hashrate is an estimate, so treat the levels as close, not exact. However, the direction is clear.
What the quarter ahead looks like for your machine
Here is the live maths on November 1. Bitcoin is $77,717 and the network is 1068 EH/s, so hashprice is about $32.90 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.77 | -$3.11 | -$6.23 | 4.0c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.61 | -$1.30 | -$3.83 | 6.0c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.03 | -$1.14 | -$4.03 | 6.4c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.49 | $0.96 | -$2.41 | 9.1c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If hashrate climbs another 5% this quarter: the break-even power price on an S19k Pro falls from 6.0 to 5.7 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.30 to -$1.48.
What to watch in the bitcoin miner earnings calls
First, cost to mine one bitcoin, including power. Then compare it with the price. A company that mines at a loss on power alone has to sell coins, raise money, or switch machines off.
Second, how many mined coins were sold versus kept. After all, selling more is a sign the margin is tight.
Third, AI and hosting revenue. Last quarter, IREN’s AI cloud revenue passed its mining revenue for the first time, $70.5 million against $66.7 million. We covered that in our IREN report. So this week shows whether the others are following.
Fourth, the fleet. Listen for average efficiency in joules per terahash, new machine orders, and any plan to retire older units. For us, that last one matters most.
What bitcoin miner earnings change for small miners
Look at the table again. At 8 cents, 3 of our 4 reference machines lose money today. Of course, large miners pay less than that. Even so, the same squeeze hits their older fleets. As a result, when a public miner retires S19-class machines, those units often reach the used market. More supply tends to mean lower prices for buyers with cheap power.
So if you have power under about 6 cents, this could be a good quarter to buy. Browse our miners in stock, or buy by the lot through bulk used ASIC miners. If your power is dear, the honest answer may be to sell your used miners instead. We will check the calls against this preview once the results are out. Meanwhile, our bitcoin mining profitability today page updates daily.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and you can lose money. Please do your own research.