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Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

Bitcoin Regulation, Bitcoin Mining, ASIC, Bitcoin Halving, Web3, Cointelegraph Research Reports, Hashrate

After the 2024 halving, Bitcoin mining entered its fifth epoch and block rewards were reduced from 6.25 BTC to 3.125 BTC. This forced miners to rethink their operations, optimize efficiency, cut energy costs and upgrade hardware to remain profitable. Cointelegraph Research, with insights from industry experts at Uminers, examines this transformation in its latest report. The analysis covers ASIC efficiency improvements, corporate performance, geographical expansion and new revenue models. As miners adapt, Bitcoin moves into a new era where institutional momentum and sovereign adoption could redefine its role in the global financial system.

Download the full report to uncover how miners are navigating this shift and what the future holds for Bitcoin’s mining industry.

The mining industry’s response to rising hashrate and shrinking margins

Despite the adverse financial impact of the halving, Bitcoin’s network hashrate has continued to climb. As of May 1, 2025, the total computational power of the network reached 831 EH/s. Earlier in the month, hashrate peaked at 921 EH/s, marking a 77% increase from the 2024 low of 519 EH/s. This rapid recovery underscores the industry’s relentless drive for efficiency as larger mining firms reinvest in fleet upgrades and energy optimization to maintain profitability.

Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

The mining arms race has always revolved around power efficiency. With energy costs rising, the latest ASIC models from Bitmain, MicroBT and Canaan are further optimizing the energy required per hash. Bitmain’s Antminer S21+ delivers 216 TH/s at 16.5 J/TH, while MicroBT’s WhatsMiner M66S+ pushes immersion-cooled performance to 17 J/TH. Meanwhile,  semiconductor giants TSMC and Samsung are driving the next wave of innovation, with 3-nm chips already in use and 2-nm technology on the horizon. 

Download the full report to uncover how miners are navigating this shift and what the future holds for Bitcoin’s mining industry.

Post-halving profitability: The global shift toward low-cost energy

Bitcoin mining profitability has tightened significantly post-halving. Hashprice, the daily revenue per terahash per second, dropped from $0.12 in April 2024 to about $0.049 by April 2025. At the same time, network difficulty has surged to an all-time high of 123T, making it harder for miners to generate returns. To stay competitive, operations must extract maximum value from every watt of power consumed. This shift has intensified the search for cheap, reliable power, driving mining expansion into regions where energy costs remain low.

Electricity pricing now dictates mining profitability. In Oman, licensed miners benefit from government-backed subsidies, securing electricity at $0.05–$0.07 per kWh, while in the UAE, semi-governmental projects operate at even lower rates of $0.035–$0.045 per kWh. These incentives have turned the region into a prime destination for institutional-scale mining. Meanwhile, in the US, where industrial power costs often exceed $0.1 per kWh, miners face shrinking margins, forcing a migration toward more cost-efficient locations. Africa, the Middle East and Central Asia have emerged as key battlegrounds in this race, offering the energy arbitrage opportunities miners need to survive.

Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

What’s next for Bitcoin mining?

The 2024 halving has reinforced a hard truth: Efficiency is no longer optional; it’s a necessity. The industry is shifting toward leaner, more optimized operations, where only the most power-efficient miners can thrive. The rise of AI computing, global regulatory shifts and ongoing hardware advancements will continue to shape the sector over the next 12–18 months.

Cointelegraph Research’s Bitcoin mining report: Post-halving insights and trends offers a data-driven breakdown of the key forces shaping mining profitability, infrastructure investments, and strategic decision-making.

Download the full report to uncover how miners are navigating this shift and what the future holds for Bitcoin’s mining industry.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.

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MPs on farming committee call on Rachel Reeves to delay family farm tax

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MPs on farming committee call on Rachel Reeves to delay family farm tax

The UK’s food security and the future of farming lies in Rachel Reeves’ hands, a leading MP has said as a committee called on the government to delay farm inheritance tax changes.

The environment, food and rural affairs (EFRA) committee has released a report calling on the government to delay the reforms for a year until April 2027.

Chancellor Rachel Reeves announced in the October budget farmers would no longer be allowed to claim inheritance tax relief for farms worth more than £1m from April 2026.

The move prompted multiple protests in Westminster by farmers who said it will threaten the future of thousands of multi-generational family farms.

The EFRA committee, made up of seven Labour MPs and four Lib Dem and Tory MPs, said a pause in the implementation would “allow for better formulation of tax policy and provide the government with an opportunity to convey a positive long-term vision for farming”.

A delay would also protect vulnerable farmers who would have “more time to seek appropriate professional advice”, the MPs said.

farmers protest in central london over inheritance tax - SN screengrab
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There have been multiple protests

The MPs raised concerns the change was announced “without adequate consultation, impact assessment or affordability assessment”, leaving the impact on farms and food security “disputed and unclear”.

More on Inheritance Tax

They said it risks producing “unintended consequences” and threaten to “affect the most vulnerable”.

The MPs have called on the government to consider alternative reforms.

Read more:
Food prices could rise due to inheritance tax rise

Typical family farm ‘would have to spend 159% of its profits for a decade to pay’ tax

Chair of the EFRA Committee Alistair Carmichael said the government should pause and reconsider the farmers' inheritance tax changes
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Chair of the EFRA Committee Alistair Carmichael said the government should pause and reconsider the farmers’ inheritance tax changes

Alistair Carmichael, the Lib Dem chair of the committee, told Sky News: “There is a need for inheritance tax to be reformed.

“The use of land purchase by the super rich as a means of sheltering their wealth is something which is not in the public interest or farmers.

“But this is not the way to go about reform.

“The risk is you see farmers selling out, they will sell out to people who are not going to use land for food production then we risk losing food security – we’ve seen how foolish relying on exports is after Putin’s invasion.”

Jeremy Clarkson arrives in central London to join the farmers protest over the changes to inheritance tax (IHT) rules in the recent budget with introduce new taxes on farms worth more than ..1 million. Picture date: Tuesday November 19, 2024. PA Photo. Farmers have reacted over the inheritance tax changes for farming businesses, which limit the 100% relief for farms to only the first ..1 million of combined agricultural and business property. For anything above that, landowners will pay a 20% tax rate, rather than the standard 40% rate of inheritance tax (IHT) applied to other land and property. PA Photo. Photo credit should read: Aaron Chown/PA Wire
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Celebrities such as Jeremy Clarkson have drawn attention to the outrage

He added “as an outsider looking in”, the way in which the Treasury handled the inheritance tax announcement, after Labour said in opposition they would not change it, “has created a real problem of political authority” for Environment Secretary Steve Reed.

“It’s a problem the Treasury themselves can solve,” he said.

“Their own backbenchers increasingly think they should solve this and our report today gives them an opportunity to do that if they choose to take it.

“It really is up to the Chancellor of the Exchequer. It is over to her now.”

The committee report says before the autumn budget 70% of farmers felt optimistic about their futures, but that fell to 12% after the budget.

The survey, by the Farmers Guardian in March, also found 84% of farmers felt their mental health has been affected by the announcement.

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Key points from the budget

Farmers said the government announcing the closure of applications to this year’s sustainable farming incentive with just hours to go, was also a cause.

The committee said there are other ways to achieve reform, and called on the government to publish its evaluation and rationale for not following alternative policy measures.

They also said the Department for the Environment, Food and Rural Affairs has a pattern of “poor communication and last-minute decision-making following rumours and departmental leaks”.

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MPs waver once again as ’emotive’ assisted dying bill heads back to the Commons

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MPs waver once again as 'emotive' assisted dying bill heads back to the Commons

Further moves to amend the controversial assisted dying bill are being made by MPs as it returns to the Commons for another day of emotionally charged debate.

After a marathon committee stage, when more than 500 amendments were debated, of which a third were agreed, the bill returns to the Commons with 130 amendments tabled.

As a result, the final and decisive votes on whether the bill clears the Commons and heads to the House of Lords are not expected until a further debate on 13 June.

The bill proposes allowing terminally ill adults with less than six months to live to receive medical assistance to die, with approval from two doctors and an expert panel.

Why is assisted dying so controversial – and where is it already legal?

In a historic vote last November, after impassioned arguments on both sides, MPs voted 330 to 275 in favour of Labour MP Kim Leadbeater’s Terminally Ill Adults (End of Life) Bill.

Sir Keir Starmer voted in favour, while Deputy PM Angela Rayner, Foreign Secretary David Lammy, Health Secretary Wes Streeting and Justice Secretary Shabana Mahmood voted against.

More on Assisted Dying

The Conservatives were also split, with leader Kemi Badenoch voting in favour and former PM Rishi Sunak against. Reform UK leader Nigel Farage also voted against the bill.

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Assisted dying: Care sector ‘not being heard’

The PM, who is attending a summit in Albania, will be absent this time, but asked for his current opinion, told reporters: “My views have been consistent throughout.”

No fewer than 44 of the new amendments have been tabled by Ms Leadbeater herself, with government backing, a move that has been criticised by opponents of the bill.

Opponents also claim some wavering MPs are preparing to switch from voting in favour or abstaining to voting against and it only needs 28 supporters to change their mind to kill the bill.

Confirmed switchers from voting in favour to against include Tory MPs George Freeman and Andrew Snowden, Reform UK chief whip Lee Anderson and ex-Reform MP Rupert Lowe.

Labour MP Debbie Abrahams and Tory MP Charlie Dewhirst, who abstained previously, are now against and Labour’s Karl Turner, who voted in favour at second reading, is now abstaining.

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Assisted Dying Bill criticised

Mr Turner, a former barrister, told Sky News that an amendment to replace a high court judge with a panel of experts “weakens the bill” by removing judicial safeguards.

But in a boost for the bill’s supporters, Reform UK’s Runcorn and Helsby by-election winner Sarah Pochin, a former magistrate, announced she would vote in favour. Her predecessor, Labour’s Mike Amesbury, voted against.

“There are enough checks and balances in place within the legislation – with a panel of experts assessing each application to have an assisted death, made up of a senior lawyer, psychiatrist, and social worker,” said Ms Pochin, who is now the only Reform UK MP supporting the bill.

A Labour MP, Jack Abbott, who voted against in November, told Sky News he was now “more than likely” to vote for the bill, which was now in a much stronger position, he said.

Ms Leadbeater’s supporters strongly deny that the bill is at risk of collapse and are accusing its opponents of “unsubstantiated claims” and of “scare stories” that misrepresent what the bill proposes.

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Two people given months to live debate assisted dying

“There is a pretty transparent attempt by opponents of the bill to try to convince MPs that there’s a big shift away from support when that simply isn’t true,” an ally of Ms Leadbeater told Sky News.

Speaking in an LBC radio phone-in on the eve of the debate on the amendments, Ms Leadbeater said she understood her bill was “an emotive issue” and there was “a lot of passion about this subject”.

But she said: “I would be prepared to be involved in a compassionate end to someone’s life if that was of their choosing. And it’s always about choice. I have friends and family who are very clear that they would want this option for themselves.

“There is overwhelming public support for a change in the law and literally everywhere I go people will stop me and say thank you for putting this forward. I would want this choice.”

Read more:
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An embarrassment for Starmer on migrant return hubs?

Also ahead of the debate, health minister Stephen Kinnock and justice minister Sarah Sackman wrote to all MPs defending the government’s involvement in Ms Leadbeater’s amendments to her bill.

“The government remains neutral on the passage of the bill and on the principle of assisted dying, which we have always been clear is a decision for parliament,” they wrote.

“Government has a responsibility to ensure any legislation that passes through parliament is workable, effective and enforceable.

“As such, we have provided technical, drafting support to enable the sponsor to table amendments throughout the bill’s passage. We have advised the sponsor on amendments which we deem essential or highly likely to contribute to the workability of the bill.”

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Tornado Cash dev Roman Storm trial goes ahead with slight trim

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Tornado Cash dev Roman Storm trial goes ahead with slight trim

Tornado Cash dev Roman Storm trial goes ahead with slight trim

US federal prosecutors are pressing ahead with their case against Tornado Cash founder Roman Storm, but will drop a small part of their indictment after the Department of Justice rolled back its crypto enforcement last month.

Jay Clayton, the acting US Attorney for Manhattan, told federal court judge Katherine Polk Failla in a May 15 letter that the charges against Storm still stand, bar one part of a conspiracy to operate an unlicensed money transmitting business charge.

“After review of this case, this Office and the Office of the Deputy Attorney General have determined that this prosecution is consistent with the letter and spirit of the April 7, 2025 Memorandum from the Deputy Attorney General,” Clayton wrote.

Deputy Attorney General Todd Blanche’s April memo said the Justice Department would end the so-called “regulation by prosecution” of crypto, and added that the agency wouldn’t prosecute crypto mixers like Tornado Cash “for the acts of their end users or unwitting violations of regulations.”

Tornado Cash dev Roman Storm trial goes ahead with slight trim
A highlighted excerpt of Blanche’s memo stating that the Department of Justice was rolling back its crypto enforcement. Source: US Department of Justice

Clayton added that the indictment against Storm will cut the accusation that he failed to comply with money transmitting business registration requirements.

Prosecutors were pursuing that charge as part of their allegation that Storm conspired to run Tornado Cash as an unlicensed money transmitter.

The government will still push ahead with the charge under the accusation that Storm transmitted funds while knowing they were derived from a criminal offence or were intended to support unlawful activity. 

The Justice Department alleged that Tornado Cash helped launder over $1 billion worth of crypto, including for the sanctioned North Korean state-backed hacking collective the Lazarus Group.

Clayton said the Justice Department will also still pursue the other two charges in its indictment, one count of money laundering conspiracy and one count of conspiracy to violate US sanctions.

Related: NFT founder stole millions from Bitcoin project, investors allege 

The money laundering and sanctions violations conspiracy charges each carry a maximum sentence of 20 years in prison, while the unlicensed money transmitter conspiracy charge carries a maximum sentence of five years.

Storm has pleaded not guilty, and his trial is scheduled for July 14. He was charged alongside fellow founder Roman Semenov, who is at large and believed to be in his native Russia.

Blanche memo cited in bids to toss

Other crypto executives facing charges have pointed to Blanche’s memo in a bid to have their cases dismissed.

Crypto mixer Samourai Wallet co-founders Keonne Rodriguez and William Hill had pointed to the memo to try to dismiss their charges of conspiracy to operate an unlicensed money transmitter and money laundering conspiracy.

Braden John Karony, the CEO of crypto firm SafeMoon, has also cited the memo in an attempt to have the charges of securities fraud, wire fraud and money laundering conspiracy against him dismissed.

Legal Panel: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set 

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