Insights › Market Pulse › Weekly › 18 – 24 Oct 2026
25 Oct 2026 (Weekly - Sat 12 pm UTC)BMM Market Pulse · Weekly
Market Pulse Weekly: 18 – 24 Oct 2026
- Network: 1,075 blocks in the week, 153.6 a day against the 144 target (one every 9:23 min, an indication of where the next retarget is heading). The network hashrate (7-day estimate from BMM's node) reached 1,064.4 EH/s on 24 Oct, +3.4% on the week.
- Miner revenue: FPPS averaged 44,945 sats ($36.85) per PH/s per day, −4.5% in BTC on the previous week. Fees were 0.50% of the block subsidy (important for miners paid by FPPS).
- Next difficulty retarget: BMM estimate +4.88% around 29 Oct (block 973,728), which would lower PPS per PH/s by about 4.7% in BTC, bringing the fall from October's retargets to 9.95% (at constant price and fees; at the week's close of $80,772 that equals a BTC price fall of about $8,040).
- Price: BTC/USD closed the week at $80,772, −0.75%, within the $79,121 – $84,840 range (high 21 Oct, low 24 Oct). Longs were 69% of $414M liquidations; the largest day was 24 Oct.
- Pools: Foundry USA found 27.9% of the week's blocks (24.1% the week before); the top 5 found 77.6%. Among the top 5, the biggest gain was Foundry USA, +45.9 EH/s to 290.5 EH/s, and the biggest loss F2Pool, −21.4 EH/s to 157.8 EH/s (estimates from each pool's share of blocks, so subject to block luck). BMMAA Pool Concentration Risk stood at +0.49 (Amber: top 5 growing clearly faster than smaller pools) on 24 Oct; a week earlier it was +0.61 (Red alert: top 5 absorbing hashrate from smaller pools; plausibly large operators adding capacity at, or moving to, the biggest pools).
Key figures: this week against the previous week
| 18 Oct – 24 Oct | 11 Oct – 17 Oct | Change | |
|---|---|---|---|
| Blocks found | 1,075 | 1,070 | +5 |
| Average block time | 9:23 min | 9:25 min | |
| Network hashrate, 7-day estimate at week end | 1,064.4 EH/s | 1,029.8 EH/s | +3.4% |
| FPPS per PH/s per day, average | 44,945 sats | 47,070 sats | −4.5% |
| FPPS per PH/s per day, USD | $36.85 | $38.68 | −4.7% |
| Fees, % of the block subsidy | 0.50% | 0.56% | |
| BTC/USD weekly close | $80,772 | $81,382 | −0.75% on the week |
| BTC/USD weekly range | $79,121 – $84,840 | $79,709 – $84,250 | |
| Liquidations: longs / shorts | $285M / $129M | $313M / $119M | |
| Perpetuals volume / open interest at week end | $175.0B / $19.8B | $175.3B / $19.4B | |
| Deribit DVOL (expected daily move), week-end close | 37.93 (1.99%) | 37.93 (1.99%) | |
| Top 5 pools, share of blocks | 77.6% | 78.8% | −1.5% |
| BMMAA Pool Concentration Risk, week end* | +0.49 · Amber | +0.61 · Red alert |
* BMMAA zones: +0.30 to +0.60: Amber · concentrating (top 5 growing clearly faster than smaller pools); above +0.60: Red alert · strong concentration (top 5 absorbing hashrate from smaller pools; plausibly large operators adding capacity at, or moving to, the biggest pools). Full scale from −1 to +1 and method: btcmining.markets/insights/bmmaa/
BMM commentary
October will be a month with the biggest fall in revenue from difficulty adjustment in 2026 (followed by Sep difficulty +5.52%, revenue −5.24% and May +2.48%, −2.42%). If the next retarget lands near the BMM estimate, October's three retargets (−0.03% on 3 Oct, +5.92% on 16 Oct and an estimated +4.88% around 29 Oct) raise difficulty by 11.06% and cut revenue by 9.95% at constant price and fees. Pool concentration eased from Red alert to Amber, but the five largest pools still added hashrate (+68.1 EH/s over the last 30 days against the previous 30), while all other pools were flat (−0.5 EH/s). Top 5 pools over the week, against the previous week: Foundry USA +45.9 EH/s, SpiderPool +17.5 EH/s, AntPool −16.5 EH/s, ViaBTC −17.2 EH/s, F2Pool −21.4 EH/s (estimates from shares of blocks).
Next week to watch
- Difficulty retarget at block 973,728: BMM estimate +4.88% around 29 Oct 2026 (estimate of 2026-10-29 21:00 UTC; it moves with the block pace), which would lower bitcoin mining revenue a further 4.7% in BTC.
- Big day for BTC options: expiry 30 Oct 2026, 162,855 BTC of open interest on Deribit, Binance, Bybit and OKX (98,624 BTC calls, 64,231 BTC puts; snapshot 2026-10-25). Expect higher BTC spot price volatility: important for those doing end-of-month BTC/USD conversions.
- BMM Mining Pools Review: next issue due 30 Oct (15th and 30th of each month).
- BMM Epoch Review of blocks 971,712–973,727, after the retarget.
- Next Market Pulse · Weekly: Saturday 31 Oct 2026, 12:00 UTC, covering Saturday 24 Oct – Friday 30 Oct 2026.
Day by day
| UTC day | Network hashrate (EH/s, that day) | Blocks found | Fees, % of subsidy | FPPS, sats per PH/s | BTC/USD close | Longs liquidated | Shorts liquidated |
|---|---|---|---|---|---|---|---|
| 24 Oct | 1,020.3 | 146 | 0.44% | 44,915 | $80,772 | $103.0M | $11.5M |
| 23 Oct | 1,215.9 | 174 | 0.44% | 44,917 | $81,086 | $52.8M | $9.0M |
| 22 Oct | 894.5 | 128 | 0.70% | 45,032 | $81,316 | $66.4M | $2.9M |
| 21 Oct | 1,055.2 | 151 | 0.53% | 44,956 | $84,022 | $5.4M | $41.2M |
| 20 Oct | 1,153.0 | 165 | 0.51% | 44,945 | $82,936 | $23.6M | $35.9M |
| 19 Oct | 1,069.2 | 153 | 0.52% | 44,951 | $81,844 | $6.5M | $13.3M |
| 18 Oct | 1,104.1 | 158 | 0.40% | 44,898 | $82,002 | $27.2M | $15.2M |
Charts on the live dashboard
- BMM Market Pulse: hashrate, difficulty, BTC price
- Current difficulty epoch
- Hashprice, BTC and USD
- BTC/USD daily range with liquidations and volume
- BMMAA Pool Concentration Risk
Schedule note: this first issue covers Sunday 18 Oct – Saturday 24 Oct 2026 and was published on Sunday 25 Oct 2026 by editorial decision. From 31 Oct 2026, Market Pulse · Weekly is published every Saturday at 12:00 UTC and covers the 7 complete UTC days from Saturday to Friday, so readers have the weekend to look at it; the next issue covers 24 Oct – 30 Oct 2026.
Data and method
Week = 7 complete UTC days, Saturday to Friday from 31 Oct 2026 (this first issue: Sunday to Saturday); compared with the previous 7 days. Blocks, fees, difficulty, FPPS and the 7-day hashrate estimate from BMM's own Bitcoin node; pool shares from coinbase tags on BMM's node (mainnet-observer, open-source); pool EH/s = share of the week's blocks × the week's average 7-day network estimate; daily hashrate in the day-by-day table = the hashrate implied by that UTC day's blocks and difficulty (noisy from day to day); BTC/USD: Kraken daily OHLC (UTC); FPPS in USD at each day's Kraken close; liquidations, volume and open interest of BTC perpetual futures on Binance, Bybit and OKX: Coinalyze; DVOL: Deribit; options open interest: Deribit, Binance, Bybit, OKX public APIs. BMMAA: last 30 full UTC days against the previous 30 (method on /insights/bmmaa/). The next-retarget figure is a BMM estimate.
For information only; not investment advice. BMM commentary is BMM's reading of the figures above.