The once-glittering world of cryptocurrency mining isn’t so shiny anymore. September 2025 dealt a harsh blow to Bitcoin miners, with profitability plummeting over 7%. A perfect storm, really. Bitcoin prices dipped 2%, while the network hashrate surged by 9%. Do the math. Less money for more work.
Bitcoin miners face the harsh new reality: dwindling profits, rising competition, and a lot more work for a lot less reward.
Mining fleets generating 1 EH/s now pull in just $52,000 daily, down from August’s $56,000. That’s the third straight monthly decline, according to JPMorgan. Not exactly the trend miners were hoping for. ASIC mining rigs are working overtime to maintain competitiveness in this challenging market.
Meanwhile, competition is absolutely brutal. Network difficulty hit unprecedented levels in August, making mining more challenging than ever before. The Bitcoin network recently crossed 1 Zettahash per second—a first in its history. More secure? Yes. More profitable? Not even close.
Energy remains the elephant in the room. Bitcoin’s power consumption has actually dropped 24% since July 2024, now sitting at 115.21 TWh. Still massive. Coal and natural gas continue powering much of the mining operation, though more companies are finally embracing renewables. Hydroelectric power offers stability that solar and wind simply can’t match. This aligns with global trends as countries like Canada leverage their vast hydropower resources to attract institutional-scale investment in mining operations.
There’s good news on equipment costs, at least. New mining machines cost around $16 per terahash now, compared to $80 in 2022. Better tech, lower price. But the initial investment still isn’t cheap. And without proper cooling systems and regular firmware updates, that expensive hardware won’t last long.
The regulatory landscape isn’t helping matters. Trump’s new tariffs loom large over the U.S. mining sector. And that 168-page White House crypto blueprint? Contains tax details that could reshape mining economics entirely.
North American miners produced 3,401 BTC in September, down from 3,576 in August. MARA Holdings emerged as the leading producer with 736 BTC. Numbers don’t lie. The mining game is changing fast, and not everyone will survive this shift. The gold rush days are over. Welcome to mining’s new reality—harder work for smaller rewards.
