Bitcoin (BTC) mining revenues hit $3.7 billion within the fourth quarter of 2024, a 42% enhance from the prior quarter, and are approaching comparable ranges of round $3.6 billion in Q1 2025, in response to knowledge from Coin Metrics.
The income uptick suggests miners’ incomes are stabilizing after the Bitcoin community’s “halving” in April 2024 lowered mining rewards from 6.25 BTC to three.125 BTC per block. Halvings happen each 4 years and minimize the variety of BTC mined per block in half.
“With virtually one yr elapsed since Bitcoin’s 4th halving, miners have endured a interval of stabilization, adapting to lowered block rewards, tighter margins, and shifting operational dynamics,” Coin Metrics said in its Q1 2025 Information Particular report.
This restoration might be minimize brief if ongoing commerce wars disrupt miners’ enterprise fashions, Ben Yorke, VP of Ecosystem at WOO X, a Web3 startup, advised Cointelegraph.
“Ought to semiconductor tariffs return, Bitcoin mining might face larger prices, consolidating energy amongst main gamers and forcing smaller operations to energy down,” Yorke mentioned.
Bitcoin mining revenues since 2022. Supply: Coin Metrics
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Adapting after the halving
Bitcoin miners have struggled in 2025 as declining cryptocurrency costs added additional strain to enterprise fashions strained by the community’s April halving, in response to a March 3 JPMorgan analysis observe shared with Cointelegraph.
Nevertheless, well-capitalized miners have managed to adapt, in response to Coin Metrics. The truth is, Bitcoin’s hashrate — the full computing energy securing the community — broke all-time highs in January, CoinWarz knowledge confirmed.
Frequent changes have included “upgrading to extra vitality environment friendly ASICs, [and] relocating to areas with cheaper and plentiful renewable vitality sources,” equivalent to Africa and Latin America, Coin Metrics mentioned. ASICs are specialised pc {hardware} utilized in Bitcoin mining.
Moreover, “miners are additionally diversifying into AI data-center internet hosting as a solution to broaden income and repurpose present infrastructure for prime efficiency computing,” per the report. As an illustration, Bitcoin miner Core Scientific pledged 200 megaWatts of {hardware} capability to help CoreWeave’s synthetic intelligence workloads.
Bitcoin provide held long-term has elevated over time. Supply: Coin Metrics
Sustaining mining incentives
In accordance with Coin Metrics, extra transaction exercise on the Bitcoin community would assist maintain financial incentives for miners post-halving. “Over time, elevated participation from higher-value or extra time-sensitive exercise might assist drive stronger charge income, supporting miner incentives as block rewards decline,” it mentioned.
Nevertheless, for now, “[t]ransactions under $100 at the moment characterize ~60% of Bitcoin’s whole transaction depend,” in response to Coin Metrics. That is partially as a result of holders are more and more treating Bitcoin as a buy-and-hold asset, quite than a medium of alternate.
“Bitcoin’s provide velocity, measuring the ratio of adjusted switch quantity to its present provide (price of turnover), has declined over time, reinforcing the concept that BTC is more and more held quite than transacted,” the report famous.
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