YEREVAN (CoinChapter.com) — Bitcoin hashrate reached 850 million TH/s by the end of March 2025, data from Blockchain.com confirmed. This all-time high shows that more miners are joining the network. It also indicates that the network is becoming more secure and harder to disrupt.
The increase in Bitcoin hashrate reflects rising mining activity. However, mining companies are under pressure due to higher electricity rates and hardware costs. The sharp rise in Bitcoin mining costs is affecting both small and large players.
Thomas Jeegers, CFO and COO of Relai, commented,
“Each time the network gets stronger, Bitcoin becomes harder to attack, harder to ignore, and more justified in commanding a higher valuation. This isn’t just code. It’s economic gravity.”
Bitcoin mining costs double since early 2024
According to Macromicro, Bitcoin mining costs have risen to $88,000 per coin in 2025. This is nearly double the amount miners paid in early 2024. The primary causes are high electricity prices and expensive ASIC machines.
Even though the Bitcoin hashrate has gone up, miner profits have not increased in the same way. Rising Bitcoin mining costs are putting pressure on margins. Smaller mining operations are struggling the most because they cannot buy electricity at lower bulk rates.
As energy markets remain volatile, the rising Bitcoin mining costs may continue to affect miners’ break-even levels. Companies must maintain high efficiency to stay profitable.
US miners face pressure from ASIC tariffs on Bitmain miners
US-based miners are also dealing with tariffs on mining hardware. ASIC tariffs on imports from China have been in place since 2018. These tariffs go up to 27.6%, according to SCMP.
Most mining machines come from Chinese firm Bitmain. Data from CoinMetrics shows that Bitmain miners account for 59% to 76% of Bitcoin hashrate. Popular models include the Antminer S19 and Antminer S21.
In early 2025, tighter customs checks and new trade measures delayed the delivery of Bitmain miners to US mining companies. ASIC tariffs are raising hardware prices and creating supply issues.
CoinMetrics said,
“With Bitmain accounting for a majority of Bitcoin’s network hashrate, reliance on a single manufacturer, despite having distributed supply chains, presents a potential risk.”
Hut 8 and Trump family form American Bitcoin Corp
In March 2025, Hut 8 Corp. partnered with Eric Trump and Donald Trump Jr. to launch American Bitcoin Corp. The company plans to build a large Bitcoin reserve and operate as a major US mining firm.
The entry of a new player with access to capital adds to the competition. However, ASIC tariffs and rising Bitcoin mining costs remain a challenge for all firms operating in the US.
As Bitcoin hashrate keeps increasing, operational efficiency and access to hardware remain critical for Bitcoin miners facing these pressures.
