Bitcoin Mining Update: March/April 2025

Bitcoin mining economics have continued to deteriorate through March and into April, reflecting a confluence of structural and market-driven headwinds that are squeezing industry margins and valuations.

Hashprice—a key measure of miner revenue per unit of hashing power—briefly dropped below $40/PH/s earlier this month, marking its lowest point since mid-September 2023. This decline was exacerbated by a sharp drop in Bitcoin transaction fees, which have fallen to their lowest levels in three years and now contribute less than 1.2% to the average block reward. These trends highlight the increasingly challenging post-halving environment, where reduced block subsidies and softening network demand are undermining miner profitability.

In response, a growing number of public mining companies have ramped up liquidations of both newly mined Bitcoin and existing reserves to support operating expenses and maintain liquidity. Investor sentiment has reflected this pressure: the combined market capitalization of 15 major public Bitcoin mining firms fell below $20 billion in April, extending the drawdown from March.

Valuation metrics have also compressed significantly. The price-to-hash (P/H) ratio—which compares a miner’s enterprise value to its realized hashrate—has fallen to levels last seen in early 2023, when the industry was still recovering from the depths of the 2022 bear market. This signals a broad re-rating of public mining equities amid deteriorating fundamentals and rising concerns over capital efficiency.

These are the key takeaways from our March/April Bitcoin mining update. Download the full report for a detailed breakdown of network dynamics, public miner performance, and forward-looking profitability models.