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 diversify

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