The Bitcoin mining industry is facing growing challenges due to increased competition and declining revenue. Cointelegraph reports that the network’s hashrate, a measure of computing power securing Bitcoin, reached a record high of 1.16 ZH/s in October. This surge in competition coincides with a decline in Bitcoin’s price, which fell towards $81,000 by November. The report notes that hashprice, reflecting miner revenue per unit of computing power, has dipped below $35 per hash, falling below the median total hashprice reported by public mining companies. This decline threatens many miners’ profitability as payback periods for rigs extend beyond 1,200 days and financing costs increase.