Bitcoin Mining Update April–May 2025: Mining Industry Struggling With Thin Margins Despite BTC Hitting $100,000
TheMinerMag | Institutional Cryptocurrency Mining Industry Publication
TheMinerMag’s latest Bitcoin Mining Report is out, providing insights into the trends reshaping the industry amid volatile markets and financial pressures on miners, despite Bitcoin’s return to $100,000.
The Gap Between BTC Price and Miner Revenue Continues to Widen
Despite Bitcoin’s strong recovery and trading around the psychological $100,000 mark, miners have not seen a corresponding increase in revenue. This is largely due to the fact that hashprices remain low, reducing mining profitability per unit of computation.
This has forced many companies to adjust their business strategies to maintain cash flow, especially as electricity and hardware costs remain high.
Hashrate Race: CleanSpark and IREN Lead
Competition among publicly listed mining companies is heating up. Names like CleanSpark and IREN are ramping up their investment in hashrate capacity, in an effort to gain market share before the industry reaches a new saturation point after the halving.
Both companies have announced plans to aggressively expand their infrastructure, with major investments in next-generation ASICs and renewable energy sources, helping to optimize profit margins during volatile times.
Abandoned HODL Strategy: Miners Sell More Than They Produce
Another prominent trend is the abandonment of the traditional “hodl” strategy. According to April 2025 data, public miners sold 115% of their BTC, indicating financial pressure to realize immediate profits rather than hoarding.
This is a clear sign that miners are placing a higher priority on cash flow and liquidity, especially during a period of uncertainty in global financial markets.
Mining Stocks Rebound Strongly
After two months of correction, listed mining stocks have made a remarkable recovery. Some even outperformed Bitcoin in terms of performance, indicating a gradual return of confidence from institutional and retail investors in their business models.
New Hardware Trading Models Emerge
The report also highlights the rise of flexible hardware trading models, which allow miners to swap or lease equipment under innovative financial arrangements to maintain exposure to Bitcoin without incurring immediate liquidity risk.
📥 You can download the full report as a PDF from TheMinerMag for more specific figures and detailed charts.
Summary:
Bitcoin price ≠ miner profitability – hashrate remains low
CleanSpark, IREN expand rapidly – hashrate race intensifies
HODLing no longer an option – miners oversell
Mining stocks rally – outperforming BTC in many cases
Getting creative with mining equipment – maintaining BTC positions without dumping