We unpack October’s miner economics with Luxor’s Kaan Farahani, connect difficulty and hash price to real production, and show how forward markets protected margins while fees hit historic lows. We compare Bitcoin mining versus AI/HPC power allocations and share data on what the curves imply next.

• October difficulty up, production per EH down
• Bitdeer’s rapid hashrate growth and vertical model
• Fees near decade lows on a BTC basis
• Energy hash price as a cross‑compute benchmark
• AI/HPC pivots, hosting growth, cloud mining models
• Forward hash rate explained and October hedging wins
• Reading the curve: contango, implied BTC price, difficulty
• Realized hashrate vs installed capacity and utilization
• Near‑term hash price outlook and capex discipline

Find us at luxor.tech and email [email protected] to get in touch with the derivatives team!

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