Bitcoins
Bitcoins Public miners race to scale as Bitcoin’s hashrate nears the zetahash threshold.
Jun 16, 2025, 6:44 p.m.
Bitcoin
miners are facing mounting pressure as the network’s hashrate and difficulty continue to climb, tightening margins even as bitcoin’s price holds steady, according to TheMinerMag’s monthly report.
The network’s mining difficulty hit a record 126.98 trillion, propelled by a 14-day average hashrate of 913.54 exahashes per second (EH/s). Transaction fees in June fell below 1% of block rewards, and hashprice dropped to $52 per PH/s before rebounding slightly.
Escalating competition and energy costs are expected to drive production expenses above $70,000 per BTC, up from $64,000 in the first quarter of the year, the report said.
To remain competitive, public miners like MARA Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), and IREN (IREN) are accelerating buildouts. MARA grew its hashrate by 30% in May, while HIVE
added 32% after energizing a new facility in Paraguay. Cipher Mining
(CIFR)
is targeting a 70% boost by expanding its Texas operation.
Top-tier ASICs now cost between $10 and $30 per terahash, the report said, with operational payback periods stretching as long as two years. That’s assuming a $0.06/kWh electricity rate — already out of reach for some. Terawulf, for instance, paid $0.081/kWh in the first quarter, pushing its fleet hashcost up by over 25%.
Meanwhile, mining equities are decoupling from bitcoin’s price performance. IREN, Core Scientific (CORZ), and Bit Digital (BTBD) were all in the green over the last month, while Canaan (CAN) and Bitfarms (BITF) were both down double digits during the same time period.
The shift suggests that investors are paying closer attention to business models rather than just Bitcoin’s price action.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Tom Carreras
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
More For You
DBS Launches Tokenized Structured Notes on Ethereum, Expanding Investor Access
The launch builds on Singapore’s Project Guardian tokenization pilots, with DBS moving from permissioned blockchains to Ethereum’s public network as banks test how tokenized assets will scale across global markets.
What to know:
- DBS Bank is offering tokenized structured notes on the Ethereum blockchain, expanding access to complex financial products.
- The bank’s new crypto-linked participation note pays out in cash when digital asset prices rise, while limiting downside exposure.
- By tokenizing notes into $1,000 units, DBS makes them fungible and easier to trade, appealing to family offices and professional investors.
Tom Carreras Read More