Two Nasdaq-listed Bitcoin miners reported updates on November 6 that highlight how rising network difficulty and the shift toward AI infrastructure are reshaping mining economics.
BitFuFu mined 137 BTC in October, down from 167 BTC in September, even though total hashrate under management was essentially flat at 19.5 EH/s versus 19.4 EH/s a month earlier. The company said Bitcoin network difficulty rose approximately 11.8% during October, from 132.76 trillion to 148.36 trillion. Self-mining output fell to 67 BTC from 98 BTC, while cloud-mining production was nearly unchanged at 70 BTC compared with 69 BTC in September. BitFuFu held 1,454 BTC at month-end, up from 1,388 BTC in September, while average fleet efficiency improved to 16.3 J/TH from 16.7 J/TH. Power capacity under management eased to 317 megawatts from 324 MW.
TeraWulf’s third-quarter results showed an even sharper business-model shift. High-performance computing lease revenue reached $63 million, about 83% of total quarterly revenue of $76.2 million. The company posted net income of about $709.9 million, but the figure was heavily influenced by a non-cash fair-value gain on warrants; adjusted EBITDA was negative at roughly $12.8 million. TeraWulf said 102 megawatts of revenue-generating critical IT capacity were online at Lake Mariner, with 336 megawatts under construction. It also described a 20-year Anthropic lease covering about 401 megawatts at its Justified development in Kentucky, representing around $19 billion in contracted revenue over the initial term, with phased service availability expected to begin in late 2027 and continue into 2028. A Google credit backstop and a Fluor EPC agreement are part of the financing and construction plan, while Muskie’s contracted power capacity has expanded toward one gigawatt pending regulatory approval.
Together, the updates show that steady hashrate does not guarantee steady Bitcoin production, and that some large miners are reducing their direct exposure to Bitcoin mining economics by becoming computing landlords. The contrast with a Bitcoin network hashrate above one zettahash underscores rising competition. For investors, the key metrics to watch are self-mined output, completed megawatts, rental commencement, capital spending, and actual cash generation rather than headline revenue or non-cash gains.
