“Falling revenue and record difficulty could tighten the squeeze on bitcoin miners, although many are more driven by their AI infrastructure initiatives.”, — write: www.coindesk.com
Hashprice depends on four key variables: network difficulty, the price of bitcoin, the block subsidy, and transaction fees. Hashprice rises with bitcoin’s price and fee volume, and falls as mining difficulty increases.
Bitcoin’s hashrate remains near record levels at more than 1.1 ZH/s on a seven-day moving average. Meanwhile, the bitcoin price is at $91,000, down roughly 30% from its October all-time high of more than $126,000, and network difficulty remains near all-time highs at 152 trillion (t). Transaction fees remain extremely low, with mempool.space quoting a high priority transaction at 25 cents or 2 sat/vB.
This decline in hashprice is occurring alongside a broader pullback in publicly traded bitcoin mining stocks, even as many in the sector have pivoted business plans away from BTC mining and to AI infrastructure.
The CoinShares mining ETF, WGMI, has fallen 43% from its peak and is trading just below $41.
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- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
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Bitcoin hovered near $91,000 as sentiment hit “extreme fear,” volatility jumped and leveraged traders absorbed over $1 billion in liquidations while altcoins fell further.
- The Fear & Greed Index hit 15/100 — its lowest since April — raising the possibility of a relief bounce, although the bitcoin price may still retest $87,500 support.
- Over $1 billion in leveraged futures positions were wiped out, implied volatility hit a six-week high and options flow showed strengthening put bias.
- Privacy tokens led Tuesday’s sell-off with double-digit drops, while a few derivatives-exchange tokens bucked the trend amid broad market weakness.
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