Bitcoin Mining Update – July/August 2025

1 ZH/s milestone, U.S. tariffs and miners’ continued HPC pivot

Bitcoin’s network is closing in on the historic 1 ZH/s milestone, but the story beneath the headline is one of tightening margins, shifting market share, and regulatory pressure. Our latest research report unpacks the numbers and trends shaping the mining sector right now.

📌 Key takeaways:

blocksbridge leaderboard banner ezgif.com gif to avif converter 1

  • Network hashrate rebounded from summer curtailments to a new record, pushing difficulty to an all-time high of 129 trillion.
  • Miner revenues remain under pressure, with hashprice stuck below $60/PH/s and transaction fees slipping under 1% of block rewards for the first time.
  • Public miners’ dominance grew further, with MARA, IREN, CleanSpark, and Cango capturing nearly 20% of July’s rewards. IREN led the pack on utilization.
  • U.S. tariffs on mining rigs are rising sharply — and disputes with Customs could leave major miners facing hundreds of millions in liabilities.
  • Stock market divergence deepened: Terawulf surged 50% on its HPC pivot, while pure-play miners lagged behind.

👉 Download the full PDF report above for a detailed breakdown of hashrate dynamics, tariff implications, miner performance, and the evolving investment landscape.

You May Also Like