Luxor’s Bitcoin mining derivatives market priced November 2026 through March 2027 hashrate contracts between $32.38 and $33.50 per petahash per second per day in its November 2 snapshot. The near-flat pricing followed a difficult October, when spot hashprice fell 17.9%, according to the firm’s November 5 market review. The quotes are market indications—not promised returns or a forecast guaranteed to materialize.

Hashprice estimates the gross daily Bitcoin reward earned by a unit of mining computing power, before electricity, equipment depreciation, pool charges and hosting fees. One petahash per second (PH/s) equals 1,000 terahashes per second. BitcoinVersus.Tech previously explained why hashrate and hashprice measure different things.

October squeezed miners from two directions

Luxor measured an October opening hashprice of $40.15 per PH/s/day and a closing value of $32.98, a drop of $7.17. Meanwhile, Bitcoin’s reported price fell from $84,049 to $77,332 and mining difficulty rose 11.76%, from 132.76 trillion to 148.36 trillion. A lower coin price reduces dollar-denominated rewards; rising difficulty spreads available block rewards over more mining work.

Difficulty increased 5.92% on October 16 and another 5.54% on October 29. BitcoinVersus.Tech documented the second adjustment and its effect on mining revenue. Luxor calculated that the seven-day average network hashrate rose from 976 to 1,067 EH/s between September 30 and October 31, partly as Texas miners resumed operations after the summer grid-demand period.

Forward contracts suggest a pause

A hashrate forward lets participants fix exposure to future mining revenue rather than relying only on prevailing daily returns. Luxor’s November 2 mid-market marks for five monthly USD-denominated contracts, November through March, stood between $32.38 and $33.50 per PH/s/day. The comparable spot reading was $33.10. Over October, forward quotations fell 11.6% to 15.5%, less than the 19.1% drop in spot measured over the same October 5–November 2 window.

At the $32.98 October closing spot rate, a hypothetical continuously productive 1 EH/s fleet would earn approximately $32,980 in gross mining rewards per day before costs. Actual production varies with pool mechanics, uptime, block luck, network conditions and fees. BitcoinVersus.Tech previously modeled electricity limits for a 200 TH/s Antminer S21.

Hedging offers certainty, not free money

October’s average spot settlement was $37.97 per PH/s/day. Luxor found that a one-month USD forward sold in September at $38.51 beat the eventual settlement by approximately 1.4%, while four earlier USD sales underperformed it. A contract can stabilize future receipts and still deliver less than spot mining. The analysis excludes trading fees, spreads and transaction-specific credit costs.

Luxor also reported 6%–13% annualized BTC-denominated financing spreads in its deliverable and non-deliverable hashrate markets. Earlier BitcoinVersus.Tech coverage explored how hashrate contracts can finance mining operations. Such financing carries counterparty and liquidity risks, not just mining-price exposure.

Power efficiency still determines survival

Luxor estimated that a roughly 32 J/TH mining fleet required electricity at or below 4.32 cents per kWh to break even on power at October’s closing hashprice. A roughly 49 J/TH fleet needed 2.78 cents per kWh or less. Those are model-based power-only thresholds; labor, repairs, capital expenses and miner depreciation further reduce profitability.

The immediate signal is modest forward-market pricing after a steep spot contraction, not proof that difficulty or Bitcoin prices have stopped moving. A change in coin price, grid conditions or active hashrate could materially shift the market before any contract settles.

Editor’s Note: The $32.38–$33.50 forward range, $33.10 November 2 spot snapshot, 17.9% October spot decline, hashrate, difficulty, hedging comparisons and electricity break-even examples were checked against Luxor’s November 5, 2026 October Hashrate Lookback and its November 2 market roundup. Historical settlement values are not current offers. Forward marks are indicative mid-market prices; costs, spreads and counterparty risk matter. The 1 EH/s illustration assumes constant hashprice and full uptime, excludes all operating costs and is not a forecast. Charts and featured cover originated with Luxor / Hashrate Index and are credited. No relevant verified official YouTube video was available. Independent public-browser and mobile layout verification remains outstanding.

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BitcoinVersus.tech is not a financial advisor. Coverage of Bitcoin mining economics and derivatives markets is for informational purposes.