{"id":90077,"date":"2025-10-20T21:45:51","date_gmt":"2025-10-20T18:45:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=90077"},"modified":"2025-10-20T21:51:15","modified_gmt":"2025-10-20T18:51:15","slug":"bitcoin-mining-profitability-declines-by-7","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-mining-profitability-declines-by-7\/","title":{"rendered":"Bitcoin Mining Profitability Declines by 7%"},"content":{"rendered":"

In September, the profitability of mining the leading cryptocurrency fell by over 7%, with daily revenue per 1 EH\/s of hashrate dropping from $56,000 to $52,000. This was reported by CoinDesk<\/a>, citing a report from Jefferies.<\/p>\n

Analysts at the investment bank identified the main causes of the decline in mining profitability as a 2% drop in the price of Bitcoin over the month and a roughly 9% increase in the network’s total computing power.<\/p>\n

At the start of the fourth quarter, the hashrate slightly decreased, reducing competition, but a sharp correction in the asset increased pressure on the economics of its mining, experts noted.<\/p>\n

Their assessment is confirmed by data from the Hashrate Index<\/a>. Following a major market correction on October 11, the hashprice has consistently remained below $49 per PH\/s per day. Lower metric values this year were recorded in April, when Bitcoin’s price fell below $90,000.<\/p>\n

\"Hashprice
Source: Hashrate Index.<\/figcaption><\/figure>\n

US-based public mining companies generated 3,401 BTC in September, compared to 3,576 the previous month.<\/p>\n

MARA Holdings led the way, mining 736 BTC, followed by CleanSpark with 629 BTC. These firms also have the highest deployed hashrate \u2014 60.4 EH\/s and 50 EH\/s, respectively.<\/p>\n

However, despite the decline in mining profitability, miner stocks are rapidly rising. According to a report<\/a> by TheMinerMag, the market capitalization of the 15 largest American industry companies reached $90 billion by mid-October. Since September 15, Bitfarms’ shares have surged by 162%, Canaan’s value increased by 149%, and CleanSpark’s by 125%. During this period, Bitcoin fell by 3.7%.<\/p>\n

Experts attribute this sharp divergence in trends to the “AI pivot” of cryptocurrency miners. The advantage for cryptocurrency miners amid the boom in high-performance computing lies in their existing access to energy resources and ready infrastructure.<\/p>\n

Miners Expand Diversification into AI Computing<\/h2>\n

One of the largest deals in this direction was the acquisition in July by AI hyperscaler CoreWeave of mining center operator Core Scientific for $9 billion<\/a>.<\/p>\n

In August, Google increased its stake<\/a> in TeraWulf to 14% by expanding financial guarantees to $3.2 billion for a deal<\/a> between the miner and cloud AI platform Fluidstack. In September, the mining company announced raising approximately $3 billion<\/a> for building data centers through a structure supported by the tech corporation.<\/p>\n

In the same month, Google helped Fluidstack secure<\/a> a lease agreement with another cryptocurrency miner \u2014 Cipher Mining. The corporation guaranteed the English startup’s obligations amounting to $1.4 billion in exchange for 5.4% of the miner’s shares.<\/p>\n

In August, IREN announced the expansion of its AI Cloud computing division, investing around $193 million<\/a> in NVIDIA Blackwell B200 graphics processors. At that time, the company was among the top four mining companies with a hashrate of at least 50 EH\/s, alongside MARA, CleanSpark, and Cango. TheMinerMag noted that of this quartet, only IREN had begun expansion into AI.<\/p>\n

On October 20, CleanSpark announced its transition from “pure mining” to high-performance computing (HPC).<\/p>\n

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Monetize every megawatt. https:\/\/t.co\/5JGWnrSACd<\/a><\/p>\n

\u2014 Harry Sudock (@harry_sudock) October 20, 2025<\/a><\/p><\/blockquote>\n