Bitcoin Mining Update: April/May 2025

The latest edition of our Bitcoin mining report is now available. This month’s analysis dives into key trends shaping the sector as miners navigate compressed economics despite Bitcoin’s return to the $100,000 mark. Highlights include:

• A widening gap between Bitcoin’s price and miner revenue as hashprice remains subdued
• Intensifying competition among public miners, with CleanSpark and IREN accelerating hashrate growth
• A continued shift away from “hodl” strategies, as public miners sold 115% of April production
• A rebound in mining stocks after a two-month sell-off, with some names outperforming Bitcoin

We also explore how miners are adapting through innovative hardware deal structures that preserve upside exposure to BTC. Download the full PDF report above for detailed insights and data.