Bitcoin fell to a nearly three-month low on November 10 after US inflation data came in hotter than analysts had expected. The price dropped below $74,000 and briefly touched the low $72,000s, according to market reports. That is its weakest level since August.
What triggered the sell-off
The inflation print pushed Treasury yields and the US dollar higher. Traders began pricing in a Federal Reserve rate hike in December, and at least one Fed governor has reportedly said they would support one. Risk assets usually struggle when borrowing costs are expected to rise, and bitcoin is no exception.
Demand from investment products also softened. US spot bitcoin ETFs recorded a fourth straight day of outflows, and net outflows for 2026 have now passed $1 billion. Some analysts warn that a break below current support could open the way to a test of $70,000.
Why miners should care
Mining revenue is paid in bitcoin, while electricity, hosting and hardware costs are paid in fiat. When the price falls and network difficulty stays high, hashprice, the daily revenue per unit of hashrate, drops with it. Difficulty recently reached a new record near 148T, so margins were already thinner before this move.
Operators with older machines or expensive power feel the pressure first. Our guide to Bitcoin mining difficulty explains why costs per coin rise as more hashrate joins the network, and how much electricity a miner uses helps you estimate your own break-even price.
How miners typically respond
- Cut power costs. Renegotiate electricity rates or shift load to cheaper hours.
- Improve efficiency. Tuning machines can lower joules per terahash. See our notes on overclocking and undervolting ASIC miners.
- Review firmware. Some operators use modified firmware to adjust power profiles, though this carries risks and should be done carefully.
- Manage treasury. Decide whether to hold or sell mined coins to cover costs.
- Retire the least efficient units. Machines that no longer cover their power cost may be better switched off.
The wider picture
The move comes on top of a rough few weeks for the crypto market, which was hit by a record exchange hack at the end of October. Reports also indicate that a number of public companies have sold substantial bitcoin holdings this year, adding to supply on the market.
Price swings like this one are normal for bitcoin, and miners who survive them are usually those with low power costs and efficient hardware. A recovery is possible if inflation fears ease, but with a rate hike now being priced in, near-term volatility looks likely. Keep a close eye on the next inflation reading and on ETF flows, which are currently the clearest short-term signals for direction.
If you are shopping for replacement hardware in a weak market, be careful of too-good-to-be-true offers and read how to avoid fake ASIC miners first.
