After briefly slipping below the $100K mark, Bitcoin has staged an impressive recovery, reminding the market of its resilience in the face of short-term volatility. Institutional interest continues to build, with a new wave of corporate treasuries adding BTC to their balance sheets. Meanwhile, hashrate keeps on fluctuating, miners experienced a new difficulty high, and after some signs of improvement on-chain activity is slowing down again. For premium members, we go deeper into the evolving dynamics between AI, high-performance computing, and Bitcoin mining, where a hybrid infrastructure strategy is becoming a competitive edge.
Bitcoin Recovers After Brief Drop Below 100K
Corporate Bitcoin Adoption Accelerates with New Wave of Treasuries
Continued Swings in Network Hashrate
Difficulty Hits New High
Bitcoin Activity Slows Dramatically
Hashprice Remains Resilient
Premium Members Only:
AI/HPC Shifting Hashrate and Infrastructure Dynamics
Decentralization of Hashrate
Bitcoin Mining a Strategic Tool For AI/HPC Data Centers
Bitcoin Recovers After Brief Drop Below 100K
After reaching a new all-time high of approximately $112,000 on May 22, Bitcoin saw a 10% pullback, briefly dipping below the $100,000 mark. However, it quickly rebounded, gaining almost $10,000 within just a couple of trading days. The strong recovery highlights continued market momentum despite short-term volatility.
Corporate Bitcoin Adoption Accelerates with New Wave of Treasuries
The corporate Bitcoin strategy trend is accelerating fast. According to Standard Chartered, 61 publicly listed companies now hold 673,897 BTC—equivalent to 3.2% of all Bitcoin that will ever exist.
Over the past two months, these firms have doubled their holdings, surpassing even the aggressive buying pace of Michael Saylor’s Strategy, which added 74,000 BTC in the same period. Many of these firms are recent entrants, with their average purchase prices exceeding $90,000—well above Strategy’s $70,023 average.
New adopters like Canada’s SolarBank and France’s Blockchain Group signal that interest is expanding across sectors and geographies. Although the report focuses on 61 public firms, the true number of corporate Bitcoin holders is likely more than double, underscoring a broader shift in treasury strategy.
This shift is not just about treasury management, it is a signal that Bitcoin is becoming a strategic macro asset. The game is clearly changing, and yes, this looks like a bullish trend. But as someone who’s been investing in Bitcoin since early 2017, I do wonder how sustainable this is. If Bitcoin turns bearish, will these corporate holders stand firm, or will we see a wave of liquidations like falling dominoes?
Continued Swings in Network Hashrate
Bitcoin’s network hashrate has been volatile in 2025, marked by sharp swings and record highs. After reaching 929 EH/s in early April, hashrate dropped 12% to a monthly low of 817 EH/s, the steepest decline of the year and only the third time in Bitcoin’s history that it fell by more than 100 EH/s. A swift recovery followed, with hashrate rebounding to a new all-time high of 935 EH/s by May 7, then briefly dipping again before setting another record at 947 EH/s on May 30. In the first days of June, we witnessed another sharp decline in hashrate. Notably, each dip has been bottoming out at progressively higher levels.
Difficulty Hits New High
After a sharp drop in hashrate in late April, the May 3 adjustment came in at -3.34%, offering brief relief. But with hashrate rebounding to record levels, subsequent adjustments on May 17 (+2.13%) and May 30 (+4.38%) pushed mining difficulty to a new all-time high of 126.98 trillion. In the first five months of 2025 the month over month difficulty adjustment was 3.13%, compared to 4.48% MoM in 2024. The next difficulty adjustment is projected for Saturday, June 14, with a current estimate of -2%, offering a slight reprieve for miners.
Bitcoin Activity Slows Dramatically
Although transaction fees saw a sharp increase mid May, Bitcoin’s on-chain activity has dropped to levels not seen since October 2023. According to The Block, the seven-day moving average of transactions fell to around 315,000 on June 7th. On June 1st just 256,000 transactions were confirmed. The last time transaction volume dipped this low was in October 2023, when the average fell to 269,000. This decline in activity comes alongside very low transaction fees despite Bitcoin holding steady above $100,000.
Hashprice Remains Resilient
Hashprice, the daily revenue a Bitcoin miner earns per petahash per second (PH/s), is influenced by block rewards, transaction fees, and the price of Bitcoin. After a strong start to May, hashprice began to decline as BTC pulled back from its recent high. Even so, it managed to stay above the $50/PH/day level. With a slight downward difficulty adjustment expected and Bitcoin’s price holding steady, miners are hopeful for a renewed upward trend. Many are watching closely, aiming for a return toward the $60/PH/day mark.
The following content is exclusively for our Premium Members:
AI/HPC Shifting Hashrate and Infrastructure Dynamics
Decentralization of Hashrate
Bitcoin Mining a Strategic Tool For AI/HPC Data Centers
