Bitcoin miners face renewed financial pressure as the decrease in transaction rates and a hashprice drop drive the highest operating costs, according to the Thanminermag report in February 2025.
Bitcoin hashrate rose 3.8% in February to 810 EH/s, showing a deceleration in the growth of mining competition. However, the hashprice (the income that the miners gain per unit of computer power) fell to $ 45/ph/s, eliminating the profits of the price increase promoted by the US elections. At this level, inefficient miners are feeling tension.
Transaction rates represented only 1.3% of total blocking rewards in February, marking their lowest participation since the last bears market fund in 2022. March is an even lower trend, to 1.12% so far.
These factors, together with the increase in the competence of artificial intelligence data centers (AI), are exerting additional pressure on mining operations that depend on accommodation agreements and asset light strategies.
Mara remains the industry leader with 44 eh/s after an increase in the hashrato of 6%, while Cleanspark grew 12% to 39 eh/s. Meanwhile, Bitcoin’s total participations among the miners exceeded 100,000 BTC for the first time, despite some companies such as Hive Digital and Cified Mining sold their production to finance the expansion.
The mining shares were successful, with the combined market capitalization of 15 main companies that fell from $ 36 billion in January to $ 22 billion in March. Cipher, Canaan, Hut 8, Hive and Bitdeer saw losses greater than 40%.
With the slowdown in network growth and increased energy costs, miners may need a bitcoin price rally to avoid greater financial tension.
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