In April 2025, bitcoin miners sold a record volume of the first cryptocurrency, marking the highest level since the end of 2022. According to a report from the analytical platform TheMinerMag, public miners sold 115% of the mined bitcoin, indicating high sales rates amid declining mining profitability.
This is reported by Finway
One of the main reasons for this increase in sales is the drop in profitability. Despite bitcoin reaching a new price record of over $111,800, the value per hash, or revenue from computational power, fell to $55 per petahash per second (PH/s). In comparison, last December, when the price of bitcoin exceeded $107,000, this figure briefly rose to $63/PH/s. The increase in network difficulty and low transaction fees significantly reduced profitability.
Trends in the Mining Market
Despite the decline in profitability, leading companies in the industry continue to scale their operations. MARA Holdings (MARA) remains the leader with a hash rate of 57.3 EH/s, while CleanSpark (CLSK) surpassed 40 EH/s. IREN overtook Riot Platforms in deployed capacity, increasing it by 25% and planning to reach 50 EH/s by June. Cango (CANG) intends to add another 18 EH/s by July.
Equipment Procurement Strategies
Additionally, miners are adapting their equipment procurement strategies. Several companies have signed agreements with Bitmain, paying for new machines in bitcoins with the option to repurchase coins at a fixed price, allowing them to hedge risks amid price fluctuations of the first cryptocurrency.
Shares of mining companies that suffered losses in the first quarter of 2025 have partially recovered, with some rising by more than 60% just in April. However, only CleanSpark and MARA Holdings are showing positive dynamics since the beginning of the year. It is worth noting that recently, mining companies Riot Platforms, MARA, and Hut 8 released their financial results for the first quarter of 2025, reporting losses of $296.4 million, $533 million, and $134 million respectively.