Bitcoin’s network is closing in on the historic 1 ZH/s milestone, but the story beneath the headline is one of tightening margins, shifting market share, and regulatory pressure.
Theminermag Bitcoin Mining Update – July/August 2025
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This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies.
Theminermag’s latest research report unpacks the numbers and trends shaping the mining sector right now.
📌 Key takeaways:
- Network hashrate rebounded from summer curtailments to a new record, pushing difficulty to an all-time high of 129 trillion.
- Miner revenues remain under pressure, with hashprice stuck below $60/PH/s and transaction fees slipping under 1% of block rewards for the first time.
- Public miners’ dominance grew further, with MARA, IREN, Cleanspark, and Cango capturing nearly 20% of July’s rewards. IREN led the pack on utilization.
- U.S. tariffs on mining rigs are rising sharply — and disputes with Customs could leave major miners facing hundreds of millions in liabilities.
- Stock market divergence deepened: Terawulf surged 50% on its HPC pivot, while pure-play miners lagged behind.
👉 Download the full PDF report here for a detailed breakdown of hashrate dynamics, tariff implications, miner performance, and the evolving investment landscape.
