Crypto Mining Update: Earnings, Difficulty Shifts & Tech Breakthroughs

Record Difficulty, Rising Hashrate: Bitcoin Miners Face the Heat

During the week of September 15 through September 22, 2025, Bitcoin mining entered one of its most challenging periods yet. The Bitcoin network difficulty reached an all-time high, pushing past 84.38T, marking one of the largest increases this quarter. This adjustment reflects a growing global hashrate and signals that more miners — or more powerful machines — are entering the arena.

Yet while the blockchain’s security is stronger than ever, this power comes at a steep cost.

According to Jefferies' latest mining report, profitability has taken a hit. For many miners, especially those running older gear or paying above $0.06/kWh for electricity, margins have slipped into the red.

August Profits Drop as September Struggles Begin

August's numbers — released in mid-September — already painted a grim picture:

Daily revenue per EH/s dropped from ~$58,000 in July to $55,000 in August
Mining profitability fell month-over-month, driven by higher difficulty and moderate Bitcoin price action
Transaction fees remain historically low, accounting for less than 1% of total block rewards

With the latest difficulty spike added in this past week, September looks even tighter for small to mid-sized mining operations.

Mining Landscape: The Strong Get Stronger

The past 7 days showed continued signs of industry consolidation:

Large players like Foundry USA, AntPool, and ViaBTC are solidifying their control over global hashrate
Smaller operations are offloading older rigs or shutting down altogether
Hosting companies are reporting increased inquiries from solo miners looking to colocate or lease capacity in lower-cost regions

Some miners are turning to AI workloads and HPC repurposing to keep idle power contracts profitable — a trend we expect to see more of heading into Q4 2025.

Energy is Everything: The Search for Cheap Electrons

Power pricing remains a survival lever:

Miners operating in Iceland, Paraguay, Texas, and parts of Quebec with rates below $0.04/kWh are holding strong
Others are adopting solar-battery microgrids, waste-heat reuse systems, or partnering with local utilities for curtailment credits
Nearly 43% of mining now comes from renewable sources as of this week’s reporting, up from 39% last quarter

Energy arbitrage is no longer optional — it’s mission-critical.

Hardware Snapshot: No Time for Old Gear

This week also saw further migration away from older models like the Antminer S19j Pro and WhatsMiner M30S+. While still functional, these rigs now operate dangerously close to their break-even points.

Miners are increasingly turning to:

Antminer S21 series (210+ TH/s with higher efficiency)
Hydro-cooled models offering lower power draw per TH
ASIC upgrade kits that retrofit older models with more efficient control boards and firmware

Even firmware overhauls like BrainsOS+ or LuxOS are gaining traction as miners attempt to squeeze every satoshi out of their setups.

Market Signals & Strategy

Despite the rising difficulty, Bitcoin’s price hovered steadily between $108,500 and $112,300 over the past 7 days — enough to keep large operations in the green, but leaving little room for error.

Altcoins like Kaspa and Alephium showed moderate mining profitability, giving GPU and multi-coin miners flexibility to convert gains into BTC.

Smart miners are:

Switching between chains based on profitability calculators
Stacking mined altcoins while selling BTC to fund operations
Using automated hedging tools to lock in revenue floors during difficulty spikes

What’s Coming Next?

Looking ahead to the final week of September:

A minor difficulty adjustment is expected around September 25 — though some analysts suggest it could be neutral or even negative if smaller miners continue to exit
Several hardware manufacturers are rumored to announce next-gen rigs for early 2026 delivery
Regulatory chatter is increasing across the EU and North America about carbon disclosures and ESG reporting for industrial mining

Stay sharp — Q4 is approaching fast, and it could be the most decisive quarter in mining profitability since the April halving.

Final Thoughts

This week marked a critical test for Bitcoin miners. With difficulty climbing and profits thinning, only those with efficient hardware, cheap power, and adaptive strategies are thriving.

The rest? They're facing a harsh reality check.

Keep your hashrate high, your watts low, and your firmware up to date. The game is changing — adapt, or be left behind.