According to Theminermag’s February 2025 report, Bitcoin miners are facing new financial pressures and have increased the decline in investment expenses and increased the decline in operating costs.
Bitcoin’s Hashrate rose 3.8% to 810 EH/s in February, showing a slowdown in mining competition growth. But HashPrice (the income per unit of computing power for miners) fell to $45/pH/s, removing earnings from the U.S. election-driven price gains. At this level, inefficient miners are feeling the pressure.
Transaction fees accounted for only 1.3% of the total rewards in February, marking the lowest share since the bottom of the previous bear market in 2022. March trends are lower, up 1.12% so far.
In addition to the increased competition in artificial intelligence (AI) data centers, these factors are putting additional pressure on mining businesses that rely on custodial protocols and asset strategies.
Mara remains the industry leader in 44 E/s after increasing the hashrate by 6%, while cleaning boards grew by 12% to 39 EH/s. Meanwhile, while some companies like Hive Digital and Cipher Mining sell their production to fund expansion, miners’ total bitcoin holdings exceed 100,000 BTC for the first time.
Mining stocks were hit, with total capitalizing 15 major companies down from $36 billion in January to $22 billion in March. Cipher, Canaan, Hut 8, Hive and Bitdeer all lost more than 40%.
As network growth slows and energy costs rise, miners may need Bitcoin price rallies to avoid further financial pressure.
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