Navigating the Post-Halving Landscape
The 2024 Bitcoin halving, marking the fifth epoch in Bitcoin’s history, significantly impacted the mining industry. Block rewards were slashed from 6.25 BTC to 3.125 BTC, forcing miners to rethink their operations. This period has become a proving ground for resilience and adaptability as miners strive to maintain profitability amidst shrinking rewards and rising costs.
The Hashrate Climb Continues
Despite the challenging financial environment, Bitcoin’s network hashrate has continued its upward climb. As of May 1, 2025, the total computational power reached a staggering 831 EH/s, marking a 77% increase from the 2024 low of 519 EH/s. This remarkable recovery highlights the industry’s relentless pursuit of efficiency, with larger mining firms investing heavily in fleet upgrades and energy optimization.
The Efficiency Race Intensifies
The mining arms race has always revolved around power efficiency, and this trend has only intensified post-halving. As energy costs rise, the latest ASIC models from leading manufacturers like Bitmain, MicroBT, and Canaan are pushing the boundaries of energy efficiency. For example, Bitmain’s Antminer S21+ delivers 216 TH/s at 16.5 J/TH, while MicroBT’s WhatsMiner M66S+ utilizes immersion-cooling technology to achieve a remarkable 17 J/TH. Semiconductor giants like TSMC and Samsung are driving the next wave of innovation, with 3-nm chips already in use and 2-nm technology on the horizon.
Shifting Global Landscape
The halving has significantly impacted Bitcoin mining profitability, with hashprice (daily revenue per terahash per second) plummeting from $0.12 in April 2024 to approximately $0.049 by April 2025. Simultaneously, network difficulty has surged to an all-time high, making it even harder for miners to generate returns. This shift has driven a global search for cheap, reliable power, leading to a geographical expansion of mining operations.
Emerging Mining Hubs
Regions offering lower energy costs are becoming attractive destinations for Bitcoin mining. In Oman, miners benefit from government-backed subsidies, securing electricity at $0.05–$0.07 per kWh. The UAE offers even more competitive rates, with semi-governmental projects providing electricity at $0.035–$0.045 per kWh. These incentives have positioned the region as a prime destination for institutional-scale mining. In contrast, the US, with its often higher industrial power costs, is witnessing a migration of miners to more cost-efficient locations. Africa, the Middle East, and Central Asia are emerging as key battlegrounds for miners seeking energy arbitrage opportunities.
The Future of Bitcoin Mining
The 2024 halving has underscored the importance of efficiency in Bitcoin mining. Only the most power-efficient miners are likely to thrive in this evolving landscape. The rise of AI computing, global regulatory shifts, and ongoing hardware advancements will continue to shape the industry in the coming years. Cointelegraph Research’s latest report provides a comprehensive analysis of the key forces shaping Bitcoin mining profitability, infrastructure investments, and strategic decision-making.
“Efficiency is no longer optional; it’s a necessity. The industry is shifting toward leaner, more optimized operations,” said an industry expert.
As miners adapt and innovate, Bitcoin’s mining industry is entering a new era. The future holds both challenges and opportunities, with the industry’s ability to navigate these changes likely to influence Bitcoin’s role in the global financial system.
