Following the most recent halving event on April 5, Bitcoin’s hashrate achieved an unprecedented benchmark of 1 sextillion hashes per second, as reported by BitInfoCharts.
In March 2025, miner revenue experienced a steep decline of 50% compared to the same month in 2024, with total earnings dropping to around $1.2 billion, according to data from Newhedge.
The primary sources of income for miners are block subsidies and transaction fees.
The recent halving has reduced the block reward to 3.125 BTC, increasing miners’ reliance on transaction fees. However, these fees remain relatively low, leading to many blocks being mined with minimal transaction activity, which places miners in a challenging financial position.
This economic strain has prompted a significant change in the behavior of miners.
Currently, the hashprice is noted at just $44.20 per petahash per second (PH/s), marking a decline of over 11% since March 5, as per HashRateIndex.
With mining difficulty rising by 6.81% to reach a record high of 121.51 trillion, miners now face an increasingly competitive landscape.
The Halving Squeeze — Why Miners Are Selling More BTC Than Ever
Traditionally, Bitcoin miners have favored a HODL strategy, banking on future price appreciation to increase the value of their assets.
However, the halving event in April, which decreased block rewards from 6.25 to 3.125 BTC, has put miners in a precarious financial position.
The latest report from TheMinerMag highlights a worrying trend: in March alone, 15 publicly traded mining companies liquidated over 40% of their newly minted Bitcoin.
This marks a stark departure from the accumulation strategies employed in late 2024, when Bitcoin surged past the $70,000 mark following the U.S. elections. During that period, firms such as Riot, Hut 8, and Marathon (MARA) were actively purchasing Bitcoin. However, that upward momentum has waned, resulting in a nearly 20% retreat from those peaks.
Additionally, the findings show that some companies are selling more Bitcoin than they are producing. HIVE, Bitfarms, and Ionic Digital have all sold more than 100% of their March production, thereby depleting portions of their existing reserves.
This strategy is driven by the urgent need miners have to cover operational costs, manage loan repayments, and invest in necessary infrastructure enhancements.
The Meaning Behind the Hashrate Boom and What Comes Next
Despite the financial challenges, the Bitcoin network’s security has never been more robust.
On April 15, Bitcoin’s hashrate briefly reached an all-time high of 883 EH/s (or 0.883 zettahash), just short of the 1 ZH/s mark that many analysts predict could be achieved later this year.
This surge coincided with a 6.81% increase in mining difficulty, further inflating the costs associated with mining.
Even with this boost in hashrate, miners are in a race to maximize their rewards before the lasting effects of the halving come into play, with many anticipating that Bitcoin’s scarcity post-halving could trigger future price escalations.
This optimistic perspective is motivating firms to increase their hash power, despite the current short-term challenges.
Market sentiment, however, reflects a dual perception. Bitcoin made a brief ascent to $86,000 on April 15 before stabilizing in the $84,000 range, according to Finance Newso.
Simultaneously, social media sentiment is trending positively, with Santiment reporting a sentiment score of 1.973, an increase from earlier neutral indicators.
Despite price fluctuations around the $85,000 threshold, sentiment toward Bitcoin on social media has turned bullish, according to Santiment. #Bitcoin #Cryptohttps://t.co/CcpHkHYI5q
— Finance Newso.com (@Finance Newso) April 17, 2025
Analysts, such as Markus Thielen from 10x Research, issue caution, suggesting that Bitcoin may be entering a prolonged phase of consolidation despite this enthusiasm.
Amidst this backdrop, noted figures like Samson Mow and Titan of Crypto continue to advocate for higher price targets.
Mow’s firm, JAN3, posits that a $500,000 Bitcoin is not far-fetched in a landscape influenced by ETFs, sovereign reserves, and favorable macroeconomic conditions.
Nevertheless, for miners operating in this climate, the current scenario is one of survival, where record hashrates conceal a more profound struggle for profitability following the halving.
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