Since the Bitcoin halving in 2024, mining rewards have decreased by 50%. At the same time, the network's hash rate has repeatedly reached new highs, causing the mining unit revenue (hashprice) to drop from about 0.12 USD/TH to 0.049 USD/TH, significantly increasing profit pressure. Especially in the first half of 2025, the cost of mining one Bitcoin is estimated to have risen by over 34% year-on-year, exceeding 70,000 USD.
Cost pressures are prompting industry adjustments. UK-based Core Scientific was recently acquired by AI cloud computing provider CoreWeave, leading to an 18.5% surge in its stock price, reflecting mining companies' desire for capital injection through mergers and acquisitions. In the United States, if the acquisition goes through, it will achieve vertical integration and operational synergy, representing a typical transformation path. Meanwhile, mining giants like Riot and CleanSpark are also expanding through financing or purchasing hash power assets.
The capital market momentum for mining companies is strengthening. American Bitcoin Corp (initiated by Trump Jr. and Eric Trump) recently raised 215 million USD to purchase mining machines and BTC assets; traditional miners like Mara, Riot, and CleanSpark have raised over 3.7 billion USD since 2024. Additionally, companies like Gryphon Digital and Bitdeer are active in the public market, boosting overall capital replenishment in the industry.
Technological upgrades have become key for mining companies to cope with cost pressures. On one hand, the efficiency of the new generation of ASICs has improved by 35%, reducing unit costs; on the other hand, mining companies are widely adopting renewable energy sources—such as hydropower, wind power, and excess natural gas—to optimize energy costs.
Another trend is the collaborative layout of mining facilities and AI data centers, where mining companies operate mining equipment while serving as computational infrastructure for AI tasks, enhancing resource utilization.
In the United States, supportive policies for mining continue to be implemented. The government is providing electricity price incentives in several states, and tax benefits are being introduced; on the other hand, tariffs on mining equipment from China are prompting major manufacturers (like Bitmain and Canaan) to accelerate the establishment of factories in the U.S. to avoid high tax environments.
However, regulatory and public opinion warnings coexist. In Texas, Pennsylvania, and other areas, mining noise and power consumption have led to lawsuits and protests from residents, even being accused of causing insomnia, highlighting the need for a balance between mining growth and social costs in community environments.
Faced with profit squeezes, mining companies are exploring diverse paths:
- Structural integration: Enhancing scale and resource synergy through mergers and acquisitions;
- Capital markets: Financing through IPOs and public offerings to expand balance sheets;
- Green energy + AI layout: Reducing marginal costs and enhancing revenue elasticity;
- Government-enterprise collaboration: Accelerating the combination of localized manufacturing and policy dividends.
The future mining industry will no longer be a simple hash power game but a comprehensive platform highly integrated with energy, technology, capital, and policy. It is estimated that in the future, mining companies will further leverage AI task slots, carbon neutrality certification, and carbon credits to build an integrated system of mining—AI—hash power—supply chain.
In 2025, the mining industry is undergoing a critical transformation from a "cost dilemma" to "diverse models." Capital mergers and acquisitions, refinancing, the integration of green energy and AI, policy promotion, and localized equipment development together constitute a new landscape for the industry. If mining companies can seize opportunities along diverse paths, they will gain a longer-term competitive advantage in this structural adjustment wave.
Related: The FATF's cryptocurrency list hints at the next round of regulatory crackdowns.
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