Bitcoin remains range-bound below $100K, but the mining industry continues to expand. The network hashrate has remained above 800 EH/s for over two weeks, with public bitcoin miners now contributing 37% of total network power. At the same time, declining transaction fees are putting pressure on miners’ earnings as hashprice weakens. While ASIC prices remain steady, Bitdeer has begun testing the SEALMINER A2. For our premium members, we analyze key regulatory and geopolitical shifts shaping the industry—from U.S. trade policies and AI chip restrictions to the potential redistribution of global hashrate. We also explore whether smaller ASIC manufacturers could turn this challenge for miners into an opportunity to gain market share.
BTC Keeps on Ranging Below $100K
Network Hashrate Stays Above 800 EH/s for Over Two Weeks
Public Bitcoin Miners Power 37% of the Network
No Transaction Fees, No Slice of the Pie
Low Fees and Weak BTC Sink Hashprice
SEALMINER A2 Being Tested
Premium Members Only:
The Impact of U.S. Trade Policies On the Mining Industry
US Authorities Seize Bitcoin Miners Over Unapproved AI Chips
Trump Unlikely to Back Foreign Firm Running Intel’s US Factories
Potential Redistribution of Global Hashrate
Can U.S.-Based ASIC Manufacturer Auradine Lead the Charge in 2025?
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BTC Keeps on Ranging Below $100K
Weeks after reaching an all-time high above $109,000, Bitcoin remains under pressure, trading below the $100,000 mark, currently around 12% decline from its peak. The past week was turbulent, with BTC dropping below $95,000 on February 12 following higher-than-expected U.S. inflation data. Over the weekend, price stabilized around $97,000, but bears regained control on Monday, pushing Bitcoin to $95,600.
Network Hashrate Stays Above 800 EH/s for Over Two Weeks
After a slow start to the year, Bitcoin’s network hashrate surged past the 800 EH/s milestone, reaching a new all-time high of 856 EH/s on February 6. This sharp increase was driven by a combination of newly deployed ASICs coming online and North American miners coming out of curtailment after harsh winter weather. Following this peak, hashrate experienced a slight pullback but has remained consistently above 800 EH/s throughout February.
Public Bitcoin Miners Power 37% of the Network
The operating hashrate represents the portion of the installed hashrate that is actively mining and contributing to the Bitcoin network at any given time. Factors such as power availability, maintenance, cooling issues, and demand response programs can create a gap between installed and operating hashrate.
Publicly traded Bitcoin mining companies released their January production and operations updates over the last two weeks. According to BitcoinMiningStock.io, the total reported hashrate of all publicly traded Bitcoin miners was 302.6 EH/s as of January 31, 2025. At that time, the total Bitcoin network hashrate stood at 818 EH/s, meaning public miners contributed 37% of the total network.
The top five mining companies by operating hashrate are MARA Holdings, CleanSpark, Cango Inc., Riot Platforms, and Iren Energy. Together, these five companies account for 176.4 EH/s, nearly 60% of the total hashrate among public miners.
No Transaction Fees, No Slice of the Pie
2025 has started off poorly in terms of transaction fees. While miners enjoyed high fees in 2023 and the first half of 2024 thanks to Ordinals, Runes, and BTC staking in the Babylon protocol, the past few months have been the opposite. This year, with one brief exception, transaction fees as a percentage of the total block reward have consistently remained below 1%.
Low Fees and Weak BTC Sink Hashprice
With BTC failing to show strong price action and transaction fees remaining below 1% of block rewards, hashprice has dropped below $60/PH/day since February 1st and has yet to recover. If transaction fees continue to stay below 1% of total rewards, Bitcoin’s price will need to reach $107,500 for hashprice to return to the $60/PH/day level.
SEALMINER A2 Being Tested
ASIC hardware prices have remained largely unchanged since the start of the year, with no significant movement to report. However, there was news on the ASIC front as Bitdeer provided an important update on its hardware development.
Matt Kong, Chief Business Officer of Bitdeer, confirmed that mass production of the SEALMINER A1 remains on track. The SEALMINER A2, however, faced a slight delay due to the 6.4 magnitude earthquake in Taiwan on January 21, 2025, pushing approximately 35 EH/s of planned mining capacity back by about a month. Despite this setback, the first trial batch of SEALMINER A2 air-cooled models has already been deployed in Bitdeer’s data centers for testing, where they are operating smoothly. Around 29,000 units (~7 EH/s of the 35 EH/s) allocated for external sales are expected to begin shipping between March and Q2 2025.
Additionally, Bitdeer expects the initial tape-out sample wafers for the SEAL03 chip to be ready for testing in March. Designed to be the most advanced and energy-efficient Bitcoin mining chip on the market, SEAL03 is a major milestone for both Bitdeer and the industry, with an expected energy efficiency of 10 J/TH. The SEALMINER A3, featuring a projected wall-mount power consumption of 11–12 J/TH.
The following content is exclusively for our Premium Members:
The Impact of U.S. Trade Policies On the Mining Industry
US Authorities Seize Bitcoin Miners Over Unapproved AI Chips
Trump Unlikely to Back Foreign Firm Running Intel’s US Factories
Potential Redistribution of Global Hashrate
Will ASIC Manufacturers Bitdeer, Auradine and Block Lead the Charge in 2025?
Rising Premiums for ASICs Already in the U.S.
