13 years in the past at the moment, Bitcoin skilled its first halving occasion, decreasing miner block rewards from an preliminary 50 BTC to 25 BTC.
So far, Bitcoin (BTC) has accomplished 4 halving occasions, the block reward stays at simply 3.125 BTC, and the mining business continues to remodel as miners combine and diversify with AI.
In accordance with Bitfinex analysts interviewed by Cointelegraph, a distinct segment development referred to as solo mining can also be rising.
“Regardless of the brand new surge in industrial Bitcoin mining, we wish to spotlight how a brand new wave of particular person miners and hobbyist miners are returning to the market because of improved mining swimming pools, elevated effectivity, and area of interest methods,” the analysts mentioned.
Bitcoin mining in 2024 and 2025: competitors will increase as manufacturing declines
Since final yr, the Bitcoin mining market has grown considerably in measurement, complexity, and competitiveness, with the worldwide hashrate exceeding the long-lasting 1 zetahash per second (ZH/s) in August, based on knowledge from CoinWarz.
“This displays each elevated funding and the introduction of ultra-efficient mining {hardware} such because the Antminer S21 collection,” Bitfinex analysts mentioned. “Briefly, the Bitcoin mining market in 2025 shall be extra industrialized, technologically superior, and geographically dispersed than in 2024, but in addition extra aggressive and unstable.”
Bitcoin hashrate chart from December 2024 to November 2025. Supply: CoinWarz
Regardless of elevated competitors, mine manufacturing has declined over the previous yr. In accordance with Blockchain.com, the circulating provide of Bitcoin elevated by roughly 155,000 BTC from November 27, 2024 to November 27, 2025, down 37% from 245,000 BTC the earlier yr.
“2024 has already been a tricky yr for miners,” Christian Sepser, chief advertising officer at BTC mining expertise supplier Brainins, informed Cointelegraph, including that miners are deploying {hardware} at document velocity.
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Nonetheless, Csepcsar added that regardless of the rise in BTC costs, revenues continued to say no as hash costs, and due to this fact miners’ income per unit of hash energy, plummeted because of elevated mining competitors.
Bitcoin’s Hash Worth Index hit an all-time low of $34 on November 21, 2025. supply: HashrateIndex.com
“2024 was a troublesome yr. At present is even worse. Miners are in probably the most aggressive surroundings the business has ever seen, and nobody is aware of how lengthy this may final,” Chepser mentioned.
Private and passion mining returns to market
Regardless of growing industrial competitors and rising prices, impartial miners aren’t going away. As an alternative, they’re re-entering the market, supported by numerous enhancements in mining pool expertise, based on Bitfinex analysts.
“Instruments comparable to CKPool, a platform appropriate for solo mining recognized for its low latency, are serving to to make this observe extra accessible,” the analyst mentioned. The corporate additionally noticed that “profitable the lottery” by particular person miners, particularly these utilizing environment friendly, low-noise mining tools at dwelling, was turning into extra prevalent in society.
sauce: purple panda mining
“Interest mining, whereas not completely private or industrial, is present process a mini-renaissance,” Bitfinex analysts mentioned, including that this development has been pushed by the supply of environment friendly, low-cost ASICs, using off-peak energy methods, warmth recycling strategies, and firmware comparable to BrainsOS, which permits miners to underclock their units for optimum effectivity.
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“Since we’re speaking about common customers with restricted hashrate out there, it’s unlikely that these teams will seize hashrate management in a capitulation situation,” the analyst mentioned.
If the most important miners capitulate considerably, medium-sized industrial operations will turn out to be the brand new main gamers, whereas particular person miners and hobbyists will nonetheless be far behind them by way of manufacturing capability, Bitfinex mentioned, concluding:
“It is an fascinating sample, however it’s a great distance from competing with bigger, extra industrial operators.”
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