Bitcoin Mining Update: May/June 2025

TheMinerMag’s latest bitcoin mining monthly update dives into the industry’s evolving landscape as miners navigate record-high network difficulty and rising operational costs. Despite BTC’s modest price movement, the mining ecosystem is undergoing significant shifts in both performance and investor sentiment.

Key highlights from the report include:

• A new all-time high in network difficulty and a surging average hashrate, pushing miners closer to the zetahash era.
• Falling hashprice and historically low transaction fees, putting pressure on miner revenues post-halving.
• Rising production costs across the board, with the median direct cost of mining expected to exceed $70,000 per BTC in Q2.
• Expansion activity from major public miners, including MARA, CleanSpark, IREN, HIVE, and Cipher, is driving hashrate growth.
• A sharp divergence in mining stock performance as investors differentiate between miners pursuing revenue diversification and those lagging behind.

Download the full report above to explore the data, charts, and company-level insights driving these trends—and what they mean for the future of Bitcoin mining.