Bitcoin Miners Get Some Relief as Revenue Recovers | Hash Rate, Pools and Country Data | September 2026

The bitcoin mining process is a key element of the Bitcoin network. It is basically what makes the whole system tick. Miners process blocks and transactions and compete for a subsidy of 3.125 BTC per block, plus transaction fees. The network targets one block roughly every ten minutes. The subsidy halves every 210,000 blocks, approximately four years, with the latest halving in April 2024.

The longer trend in Bitcoin mining is still one of growth, but the latest months have not followed a straight line. After a weaker first half of 2026, miners have seen some relief in revenue during August and early September. Hash rate has also improved from July, although the recovery is more modest. Equipment efficiency matters here. Newer ASICs can produce more hashes from the same electricity, while older machines may struggle when revenue falls. This is why hash rate is useful, but does not tell us everything about the cost of securing Bitcoin or the profitability of individual miners.

The halving cut the subsidy, not electricity bills. Since then, BTC prices, transaction fees, equipment efficiency and difficulty have all shaped mining economics. Here we will focus on July, August and the first half of September, while keeping the longer history for context.

We will be looking at:

• Hash Rate
• Mining by Pools
• Miners Revenue
• Mining by Country
• Hash Rate VS Price
• Bitcoin Yearly Candles

Daily data runs through 14 September 2026, using Blockchain.com and mempool.space. Pool shares are a rolling-month snapshot on 15 September. Missing August data is reconstructed from mempool records, as documented in the helper notes.

Hash Rate

Hash rate estimates how much computational work miners are doing. It is not a direct measure of investment or electricity consumption. The charts use a seven-day average to smooth daily block-timing noise, while the monthly comparisons are below average daily estimates.

We can see how far the network has grown since 2016, alongside several periods of contraction. The chart also shows why short pullbacks should be kept in perspective: a fall from a high level is different from the network losing its longer-term growth. Recent improvements do not automatically mean that every miner is profitable.

When we zoom in on 2024 - September 2026, we get this:

Monthly average hash rate was around 900 EH/s in July, 915 EH/s in August and 938 EH/s in September. The direction has turned upward from July, although it is not the uninterrupted expansion seen earlier.

The latest seven-day average is 948 EH/s. One EH/s is one million TH/s.

Mining Pools

Miners often join pools to share rewards and reduce the variability of finding blocks on their own. Here are the main pools and how their estimated hash rate has developed.

The chart starts in 2019 and uses weekly observations through 14 September 2026.
Foundry USA remains prominent, but the mix has changed. AntPool and F2Pool are also major participants, while SpiderPool, ViaBTC and MARA contribute meaningful portions of the recent network. The next chart gives a clearer comparison of the latest shares.
These stacked bars show estimated EH/s, not percentages. Other pools are combined into Others, so the stack covers the full observed total.

Top Mining Pools Share

The rolling-month share of blocks, as observed on 15 September, looks like this:

Foundry USA leads with 25.6%, followed by AntPool at 18.3% and F2Pool at 14.5%. Together they mined 58.4% of the 4,554 observed blocks. These are block shares, not direct measurements of ownership of mining equipment.

Pool concentration and physical location are different things. Miners can connect to a pool from another country, and a pool does not necessarily own the machines supplying its hash rate. This distinction matters when comparing the pool chart with the country estimates below.

Miners Revenue

What is the miners' revenue over time? This includes the block subsidy and fees, before operating costs.

Revenue has improved over the latest months. The daily average was $31M in July, rising to $33M in August. For September it averaged $41M. That is a better environment for miners than the summer lows, although revenue is not the same as profit. Electricity, equipment financing and operating costs still have to be paid.
The latest daily reading is $43M. Seven missing August dates use a documented block-reward valuation rather than being counted as zero.

On a yearly basis, including 2026 year to date, we have this:

The full daily series puts 2021 at $16.82B, 2024 at $14.91B and 2025 at $17.4B. So 2024 was not the strongest year in this comparison. Higher BTC prices helped 2025 exceed it despite the lower subsidy applying throughout the year.
For 2026 up to September, the revenue is $8.9B, 27.1% below the same period of 2025.
The last bar is a partial year, not a forecast.

Top Countries Mining Bitcoin

The latest country breakdown verified for this refresh is Hashrate Index's Q3 2026 estimate:

Source: Hashrate Index Q3 update, published 16 July. This is a quarterly estimate, not a live September measurement.

The United States leads at 36.7%, followed by Russia at 17.2% and China at 12.2%. Paraguay remains fourth at 4.7%. Norway enters the top ten, while Kazakhstan drops out. Country shares are estimates of physical mining locations, unlike pool membership.

Hash Rate VS Price

Here are the seven-day average hash rate and the daily BTC price together, using separate axes.

These two do not move in lockstep. Price can improve mining revenue quickly, while changes in equipment deployment and operating decisions take time. A chart of their levels alone does not establish that one reliably predicts the other.
BTC's daily price observations averaged about $63,724 in July, $68,978 in August and $78,432 in September so far. Hash rate recovered too, but by a smaller percentage. That is the main recent contrast in the chart.

The recovery is encouraging for revenue, but price is only one part of mining economics. Difficulty and costs still matter.

At the end, here are the Bitcoin yearly candles on a logarithmic scale, including 2026 year to date:

The 2026 candle is still unfinished. Coinbase BTC/USD opened near $87,498 and closed 14 September near $78,175, down 10.7% year to date. Its range so far is roughly $57,718 to $97,964. A past cycle pattern does not determine how this year will finish.

All the best
@dalz