US Adds 165,000 Jobs in October: Why Bitcoin Traders Are Watching the Fed

TL;DR: The US economy added 165,000 payroll jobs in October while unemployment stood at 4.1%, according to the Bureau of Labor Statistics’ November 6 release. The data complicate hopes of quick monetary easing, but the report by itself cannot establish what the Federal Reserve will do next or where Bitcoin will trade.

Bitcoin’s difficult trading week has coincided with a closely watched update on the US economy. The Bureau of Labor Statistics reported on November 6 that nonfarm payroll employment increased by 165,000 in October. The unemployment rate was little changed at 4.1%.

For cryptocurrency traders, the significance is not that payrolls have a mechanical relationship with Bitcoin’s price. Rather, employment data are one part of the evidence the Federal Reserve weighs when deciding whether inflation and economic activity justify changing interest rates.

The headline numbers tell only part of the story

The BLS said employment increased in professional and business services, healthcare, and transportation and warehousing. Professional and business services added 70,000 jobs, substantially above that category’s recent monthly average. The report also revised August and September gains upward by a combined 84,000 jobs.

Those revisions matter because monthly payroll estimates are not fixed snapshots of economic reality. More complete information can materially alter the picture after the first publication. Anyone building a large market argument on a single month should therefore examine the trend and the revisions, not only the latest number.

Average hourly earnings for private-sector employees rose by 0.4% in October and 3.1% over 12 months, according to the same release. Wage developments can affect the inflation outlook, although inflation depends on many other factors including productivity, goods costs and service-sector conditions.

Why rates matter for risk assets

When investors expect a lower path for policy rates, the relative attraction of cash and short-duration interest-bearing assets may fall, potentially supporting risk assets. A stronger labour market can complicate that narrative by giving policymakers less reason to ease quickly. But the Fed’s response depends on the whole data set, not an automatic rule that more jobs always mean higher rates.

Bitcoin is not a conventional corporate security with earnings that can be discounted using a single valuation model. Even so, it trades within financial markets where leverage costs, dollar liquidity and investor risk appetite change with the broader macroeconomic environment. That connection can become particularly visible during sharp stock-market moves.

There is also a separate institutional channel. NewsBTC reported that spot Bitcoin ETFs suffered $398.6 million in net withdrawals on November 2, reflecting flows into and out of listed investment products. Those fund numbers are useful but do not show why each investor traded.

What happens next is an open question

Market commentary has linked recent cryptocurrency weakness to technology-stock volatility and changing interest-rate expectations. That can be a plausible interpretation of contemporaneous movements, but correlation is not proof of one exclusive cause. Leverage, derivatives positioning and crypto-specific events may be operating at the same time.

The important next readings include inflation releases, future employment revisions and Federal Reserve communications. Traders should also follow the distinction between network fundamentals and investment-market behaviour explored in NewsBTC’s hashrate coverage. A shift in financial conditions can affect market prices long before it changes the underlying protocol.

For now, October’s jobs report provides a firmer data point in the interest-rate debate. It does not supply a confident Bitcoin price target or a guaranteed forecast for the next Fed decision.

This article was written by the News Desk and edited by Samuel Rae.

Featured image: Eccles Building (Federal Reserve headquarters) in Washington, D.C. (illustrative building photograph; report concerns Bureau of Labor Statistics jobs data and Federal Reserve policy expectations). Photo: Robert Kennicott via Wikimedia Commons, licensed under CC BY-SA 4.0.

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IREN’s Bitcoin Mining Revenue Falls as AI Cloud Sales Nearly Triple

TL;DR: IREN reported $200 million in quarterly AI Cloud revenue, up from $71 million the previous quarter, while Bitcoin mining revenue fell from $67 million to $28 million. Its November 5 results underline how quickly some former mining-led businesses are shifting towards AI infrastructure — and how expensive that shift remains.

IREN’s latest quarterly results offer a particularly stark view of the transition taking place across publicly listed Bitcoin infrastructure companies. A November 5 filing with the SEC reports $200 million of AI Cloud revenue for the quarter ended September 30, 2026, compared with $71 million in the preceding quarter.

Bitcoin mining revenue, meanwhile, dropped to $28 million from $67 million. Total revenue rose to $228 million from $137 million, meaning the overall business expanded even as mining became a much smaller share of the total.

A different business is driving the growth

The company says AI Cloud revenue increased 182% sequentially and reported an 86% segment gross margin. That is a large change in a single quarter, supported by data-centre capacity coming online and customer contracts. But the term ‘gross margin’ is not a synonym for cash profit after financing, corporate expenses, depreciation and the capital needed to build the infrastructure.

IREN reported a net loss of $263 million for the September quarter, compared with a loss of $684 million in the preceding quarter. Adjusted EBITDA rose to $66 million from $19 million. The coexistence of strong revenue growth and a substantial accounting loss is precisely why neither metric should be read on its own.

The company said its revenue backlog increased to $20.3 billion, about two-thirds of it associated with investment-grade counterparties. A backlog is a contractual forward-looking figure subject to delivery schedules and contract terms; it is not cash already in the bank.

A timing change illustrates delivery risk

Management said a target of more than $4 billion in annual recurring revenue is fully contracted and funded, but its timetable moved from the end of 2026 to January 2027 following a customer-requested design change and supplier timing. It said completion could extend into February. The distinction between contracted and operating capacity matters especially when large AI computing clusters depend on specialist components and commissioning schedules.

IREN highlighted the Horizon 1 facility entering service for Microsoft and said it had signed additional contracts after quarter-end. Its filing also described planned remaining fiscal-year capital spending and the financing it expects to use. Investors should compare the timing of expenditure with when customer payments are due rather than assuming a huge order book removes funding risks.

The trend resembles the shift described in NewsBTC’s wider examination of Bitcoin miners and AI infrastructure. However, each operator has its own contracting arrangements, retained mining fleet, power infrastructure and financial obligations.

Does a mining decline mean the network is weaker?

Not necessarily. IREN’s lower mining revenue tells us about one company’s business mix, not the aggregate computing power securing Bitcoin. Network difficulty, global hashrate and other miners’ decisions could move in different directions. NewsBTC’s reporting on hashrate competition is a useful counterpoint to the corporate story.

The next disclosures worth examining are realised AI revenue, actual data-centre commissioning, customer concentration, financing terms and remaining exposure to Bitcoin mining. IREN’s results show the transformation is already reflected in its income statement. Whether the economics produce durable shareholder returns depends on far more than the speed of this quarter’s revenue growth.

This article was written by the News Desk and edited by Samuel Rae.

Featured image: Rows of server racks in a data centre (illustrative data-centre photograph only — does NOT depict an actual IREN, TeraWulf, or BitFuFu facility). Photo: Victor Grigas / Wikimedia Foundation via Wikimedia Commons, licensed under CC BY-SA 3.0.

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TeraWulf Says AI Leasing Now Generates 83% of Revenue as Bitcoin Mining Recedes

TL;DR: TeraWulf’s November 6 earnings release shows $63 million in third-quarter high-performance-computing lease revenue, around 83% of its $76.2 million total. The company is increasingly an AI infrastructure business, although large non-cash gains and long-dated construction plans require careful reading.

TeraWulf is becoming a clear example of how the economics of Bitcoin mining can lead an infrastructure operator into a rather different business. In its third-quarter results published November 6, the Nasdaq-listed company said high-performance computing, or HPC, generated $63 million of lease revenue in the three months to September 30.

That represented about 83% of its $76.2 million quarterly revenue. Investors who still describe the firm primarily as a Bitcoin miner risk missing where its business is now concentrated and what its future costs may look like.

The revenue mix has already changed

The company operates existing mining infrastructure at its Lake Mariner campus but is repurposing portions of that site to support contracted computing workloads. TeraWulf said 102 megawatts of revenue-generating critical IT capacity were online at Lake Mariner at quarter-end, with another 336 megawatts under construction.

These numbers are not interchangeable with power agreements or theoretical campus capacity. A contract for future electricity or land does not mean an equivalent amount of paying data-centre capacity is already operating. The distinction matters when a company is projecting revenue from facilities that require years and significant capital to complete.

TeraWulf also reported net income of approximately $709.9 million for the quarter. But it attributed a significant benefit to a non-cash change in the fair value of warrants, while adjusted EBITDA was negative at about $12.8 million. That makes the headline profit a poor substitute for analysing recurring rental revenue, financing costs and operating cash flow.

Big contracts come with big execution demands

The company’s release described a 20-year Anthropic lease covering approximately 401 megawatts at its Justified development in Kentucky, representing around $19 billion in contracted revenue over the initial term. It also described a Google credit backstop supporting anticipated project financing and a definitive engineering, procurement and construction agreement with Fluor. These are material commercial commitments, not a claim that $19 billion has already been received.

TeraWulf expects phased service availability at Justified to begin in late 2027 and continue into 2028. At Muskie, it said contracted power capacity had expanded toward one gigawatt, subject to regulatory approval. Schedules, financing and utility infrastructure remain central risks.

NewsBTC has previously examined the mining industry’s move towards AI infrastructure. TeraWulf’s fresh results make that theme measurable: a majority of present revenue now comes from leases rather than mining.

Why this matters to Bitcoin markets

A miner switching to AI can reduce its exposure to Bitcoin production economics, including changes in difficulty, coin price and power cost. It can also create demand for the same grid connections, facilities and financing that historically supported mining. That transition need not be immediately positive or negative for Bitcoin’s network; it depends on which machines are retired, which are redeployed and whether remaining miners take up capacity.

The contrast with NewsBTC’s discussion of rising network hashrate is telling. Competition for mining rewards can intensify even while some large listed companies reshape themselves into computing landlords.

The milestones to watch are completed megawatts, actual rental commencement, capital spending against guidance, contractual counterparty exposure and cash generation. TeraWulf’s results show a dramatic change in revenue mix, but the hardest part of its next chapter will be delivering enormous physical projects reliably and profitably.

This article was written by the News Desk and edited by Samuel Rae.

Featured image: Rows of server racks in a data centre (illustrative data-centre photograph only — does NOT depict an actual TeraWulf, IREN, or BitFuFu facility). Photo: Carl Lender via Wikimedia Commons, licensed under CC BY 2.0.

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Solana’s October Upgrade Review Puts 200ms Slots and $5B in Tokenized Assets in Focus

TL;DR: Solana Foundation’s November 6 ecosystem review says two protocol changes went live in October: a reduction in target slot time to 200 milliseconds and Alpenglow consensus activation. It also reports a record $5 billion in real-world asset value. These are different metrics, and none alone proves a better experience for every application.

After a month filled with announcements, Solana has published a consolidated account of what changed on its network. The Foundation’s October 2026 ecosystem roundup, released November 6, links a pair of major performance upgrades with increased tokenized-asset activity and a growing roster of payment integrations.

The review is useful because it separates infrastructure that has activated from applications and partnerships still seeking wider use. It also offers a chance to examine how technical speed claims translate into financial operations.

Two protocol changes, two different measures

According to the Foundation, a final stage of SIMD-0525 activated on October 9, reducing target slot times from the original 400 milliseconds to 200 milliseconds. Shorter slots aim to reduce the interval at which network leaders produce blocks. They do not guarantee that every transaction is confirmed within 200 milliseconds under all network conditions.

A second change followed on October 21 when Alpenglow replaced TowerBFT consensus on mainnet. The protocol targets roughly 150-millisecond finality. Finality describes when a transaction is sufficiently settled according to the network’s rules, and should not be confused with transaction submission, application response time or a merchant receiving funds in a bank account.

NewsBTC covered the Alpenglow activation earlier in the autumn. The new roundup does not make it a second launch. It provides a broader, dated view of how the two changes fit together, while reminding readers that production reliability has to be measured over time.

Tokenized assets grow beyond trading demonstrations

The Foundation reports that real-world assets on Solana reached $5 billion in value during October, alongside approximately $60 billion in decentralized-exchange trading volume and 14 million addresses holding stablecoins. These numbers measure different things. Asset value is not trading volume; a blockchain address is not necessarily a person; and gross turnover is not revenue to applications or validators.

The review includes new or expanded connections to traditional finance. J.P. Morgan Asset Management brought tokenized money market funds to the network through Morgan Money. The Foundation also describes stock-related products from Securitize and investment portfolios from Ondo, subject to their own eligibility conditions. For institutional users, the question is not only whether a token can move quickly but whether its legal ownership, redemption rights and custody arrangements remain clear.

That is also the theme behind Solana’s delivery-versus-payment programme, which seeks to coordinate an asset and its payment in one settlement process. Better throughput can help, but it cannot replace legal and operational safeguards.

A broader payments test is beginning

The Foundation’s update lists stablecoin and remittance activity involving Samsung Wallet, Fiserv and Western Union, as well as integrations with business-payment services. Some products have launched, while other announcements refer to planned support, geographically limited access or commercial pilots. Those distinctions should survive any headline about ‘mainstream adoption’.

For developers and validators, the next meaningful evidence is sustained uptime, consistent finality under load, integration reliability and the cost of operating infrastructure. For investors, it is whether tokenized value corresponds to assets customers can actually redeem and use. Solana’s October was busy by the Foundation’s account; November’s challenge is showing the upgrades make routine financial activity more dependable, not merely more impressive on paper.

This article was written by the News Desk and edited by Samuel Rae.

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BitFuFu’s October Bitcoin Mining Output Falls Despite Steady Hashrate

TL;DR: BitFuFu produced 137 BTC in October, down from 167 in September, while managed hashrate stayed close to 19.5 EH/s. The miner attributed the decline partly to rising network difficulty, illustrating why steady capacity does not necessarily mean steady production.

A Bitcoin miner can run broadly the same amount of computing power and still produce fewer coins. BitFuFu’s latest monthly operating statement provides a neat example. The company reported November 6 that it mined 137 BTC in October, down from 167 in September, even as total hashrate under management remained largely unchanged.

Its managed rate stood at 19.5 exahashes per second, compared with 19.4 EH/s a month earlier. The company held 1,454 BTC at October’s end, up from 1,388 in September. Production decreased while the treasury balance increased, because production and coin retention are separate measures.

Difficulty makes the same equipment earn less

BitFuFu said Bitcoin network difficulty rose about 11.8% during October, from 132.76 trillion at the beginning of the month to 148.36 trillion at month-end. Difficulty adjusts how hard it is for miners collectively to find valid blocks. When competition increases, a miner with an unchanged share of computing power may capture a smaller share of the rewards than before.

The split inside BitFuFu’s operation was also revealing. Self-mining production fell to 67 BTC from 98 BTC, while cloud-mining production was nearly flat at 70 BTC against 69 BTC in September. Total monthly production therefore declined by 30 BTC, but the effect was not identical across its operating categories.

NewsBTC recently examined Bitcoin’s recovery above one zettahash of network hashrate. That broader competition can be healthy for network security while making mining economics more demanding for individual operators. It is possible for both statements to be true at once.

Efficiency improves, but economics remain demanding

BitFuFu’s average fleet efficiency improved to 16.3 joules per terahash from 16.7 in September. Lower energy use per unit of hashing is useful, although it does not automatically offset higher difficulty, power prices, financing costs or changes in Bitcoin’s market price. The company also reported power capacity under management of 317 megawatts, compared with 324 MW a month earlier.

These figures are particularly relevant when evaluating mining businesses that sell both direct Bitcoin exposure and computing services. Managed hashrate can include machines owned by clients or supplied by third parties, not just equipment on the company’s balance sheet. Investors should therefore distinguish self-owned hashrate, contractual capacity, energy efficiency and coins actually received.

A miner accumulating coins can improve its Bitcoin exposure even while production slows. But treasury growth alone says little about the cost of producing each BTC or the cash needed to keep equipment operating. The real test is whether operations remain resilient when difficulty rises and the market price fails to keep pace.

What November’s update should establish

The next report will show whether October’s production weakness was temporary or persisted under the next difficulty environment. Useful metrics include self-mined output, third-party mining contribution, installed and energised capacity, average fleet efficiency and the amount of Bitcoin retained rather than sold.

BitFuFu’s figures are unaudited operating metrics, not a full measure of profitability. They nevertheless make the central point clearly: Bitcoin mining is a competitive process, and an operator can improve its hardware efficiency while producing fewer coins. That is why mining comparisons need more than a headline hashrate number.

This article was written by the News Desk and edited by Samuel Rae.

Featured image: Illustrative photograph of Bitcoin mining racks in a data centre (2018 Argo Blockchain Mirabel facility; generic mining illustration only — does NOT depict a BitFuFu, IREN, or TeraWulf facility). Photo: MikeBogosian via Wikimedia Commons, licensed under CC BY-SA 4.0.

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Strive Reports $509M Quarterly Profit as Bitcoin Buying Accelerates

TL;DR: Strive reported $509 million in third-quarter GAAP net income and said it purchased 8,136 BTC during the quarter, followed by another 15,124 BTC between October 1 and October 30. Its financing structure and accounting gains matter as much as the headline accumulation figures.

Bitcoin treasury company Strive has released a new set of numbers showing how rapidly its balance sheet has changed. In its November 6 third-quarter results, the Nasdaq-listed business reported $509 million in GAAP net income for the three months to September 30, alongside a large expansion of its Bitcoin position.

Strive said it acquired 8,136 BTC during the quarter and 20,373 BTC over the first nine months of 2026. It then bought another 15,124 BTC from October 1 through October 30. These are company-reported acquisition numbers, not an independent estimate of the market’s available Bitcoin supply.

Accumulation is only one side of the treasury story

The company reported $490.4 million in cash and cash equivalents as of October 30, plus a $50.1 million fair-value position in Strategy’s STRC preferred shares. It also closed an offering of seven million SATS preferred shares on October 20, reporting roughly $609 million in net proceeds after underwriting costs.

These details change how investors should interpret the Bitcoin buying. Purchasing more coins is easy to describe. The harder question is how those purchases are financed and how the resulting returns and risks are distributed among common and preferred shareholders. Preferred securities can provide capital, but they also introduce terms and obligations that differ from simply holding Bitcoin in a wallet.

That makes direct comparisons between treasury businesses difficult. NewsBTC recently reported Strategy’s purchase of another 811 BTC, a transaction accompanied by its own capital-management decisions. The underlying asset may be the same, but the capital structures are not.

Profit is not the same as operating cash generation

Strive’s GAAP profit is an accounting figure reflecting the company’s reported results under applicable rules. Bitcoin price changes can create substantial gains or losses in reported earnings without corresponding sales or cash receipts. Investors need to inspect the financial statements and reconciliations rather than assume a nine-figure profit represents operating cash generated from customers.

The company also disclosed a third-quarter Bitcoin yield of 18.5% and a year-to-date yield of 63.2%. Those are management-defined measures intended to assess Bitcoin growth relative to a particular share denominator. They are not conventional investment yields, cash dividends or guaranteed returns. As the share count and preferred capital change, the denominator matters enormously.

Strive said it was evaluating additional balance-sheet strategies spanning lending, brokerages, decentralised finance, reinsurance and tokenisation. Evaluating an opportunity is not the same as launching a product. Each area carries regulatory, counterparty or execution risks that could complicate an otherwise straightforward treasury narrative.

What shareholders should examine next

Three things deserve attention: updated fully diluted share counts, the costs and terms of preferred financing, and the company’s actual liquidity alongside its Bitcoin exposure. A rising coin balance is not sufficient evidence that every existing shareholder’s economic interest in those coins has increased.

The company’s November 6 release provides a useful dated snapshot rather than an assurance of future performance. NewsBTC’s reporting on the broader Bitcoin hashrate cycle is a reminder that the coin’s market and infrastructure operate beyond any one corporation’s strategy. For now, Strive has demonstrated aggressive accumulation. Whether it creates durable value for common shareholders will depend on capital discipline as much as on Bitcoin itself.

This article was written by the News Desk and edited by Samuel Rae.

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Bitcoin ETFs Lose $411.9M on Friday as BlackRock Drives the Selling

TL;DR: US spot Bitcoin ETFs recorded a net $411.9 million outflow on November 6, according to Farside Investors. BlackRock’s IBIT accounted for $403 million in redemptions, while Fidelity’s FBTC attracted $42.8 million. The split matters more than a simplistic claim that every institutional investor was selling.

US Bitcoin exchange-traded funds ended the week with another difficult session. Farside Investors’ November 6 fund table shows $411.9 million leaving the group on a net basis, taking November’s first five trading sessions to approximately $1.28 billion in withdrawals. That is a meaningful reversal from the calmer periods in which ETF creations helped absorb supply.

But Friday’s figures tell a more interesting story than the headline total. The redemptions were highly concentrated, and one big issuer moved in the opposite direction.

BlackRock’s fund accounts for most of the outflow

IBIT recorded a $403 million net outflow on November 6. Bitwise’s BITB lost $20.5 million, ARK 21Shares’ ARKB lost $20.1 million and Grayscale’s GBTC lost $11.1 million. Against that, Fidelity’s FBTC brought in $42.8 million. Several other funds recorded zero flows in the published table. The sum produces a large negative number, but not a uniform retreat across products.

That distinction matters because an ETF creation or redemption is activity inside a particular listed vehicle. It tells us about changes in fund shares and exposure, not the identities of the investors involved or whether they immediately sold Bitcoin on an exchange. An asset manager could rebalance between issuers; a trading desk could adjust inventory; a portfolio could change its overall risk allocation. The public flow table does not resolve those motivations.

Earlier in the week, November 4 actually brought a $74.6 million net inflow, helped by a substantial positive day for Fidelity. Our coverage of November 2’s $398.6 million outflow documented a similarly concentrated session. The developing question is whether this is a persistent reduction in aggregate exposure or particularly volatile movement through a few large products.

Why repeated redemptions matter to Bitcoin

ETFs offer one of the clearest daily public windows into demand for regulated Bitcoin exposure. Repeated net withdrawals can weaken market confidence, particularly when liquidity is already thin or leveraged traders are reducing positions. Yet the ETF market is only one part of Bitcoin’s trading ecosystem. Spot exchanges, derivatives markets, corporate treasuries and long-term holders all affect the price.

It would also be a mistake to turn the week’s flow figures into a mechanical price prediction. Timing differs between trading, share creation, custody arrangements and hedge adjustments. Fund flows can accompany an existing move as readily as they can help drive one. The visible data establish a withdrawal from ETFs; they do not establish an inevitable next price level.

The fund-level split deserves continued attention. Fidelity’s positive session shows there were still buyers of this particular wrapper even as IBIT saw substantial redemptions. If outflows broaden to more issuers and persist for several sessions, the argument for a wider risk reduction becomes stronger. If the next week reverses, Friday could look more like a volatile reallocation.

The signals worth watching next

The next useful comparisons are net creations across the largest funds, aggregate trading volume and whether redemptions occur alongside lower spot liquidity. Readers should also distinguish a final daily figure from preliminary reporting as ETF data providers update their tables.

The deeper context is why these funds became so significant. As NewsBTC previously examined when Bitcoin hashrate rebounded, the network’s underlying activity and the investment products tracking its price operate on different timescales. For now, the verified conclusion is clear: November 6 was another outflow day, and BlackRock accounted for most of the selling pressure recorded within the ETF category.

This article was written by the News Desk and edited by Samuel Rae.

Featured image: Physical Bitcoin coin (illustrative photograph; not a photo of a named ETF issuer). Photo: Stock Catalog / Quote Catalog via Wikimedia Commons, licensed under CC BY 2.0.

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