13 years in the past right this moment, Bitcoin skilled its first halving occasion, lowering the miner block reward from the unique 50 BTC to 25 BTC.
Now, with Bitcoin (BTC) having accomplished 4 halving occasions and block rewards standing at simply 3.125 BTC, the mining business is constant to remodel, with industrial miners consolidating and diversifying into AI.
On the identical time, a distinct segment development of solo mining is rising, in keeping with Bitfinex analysts who spoke to Cointelegraph.
“Regardless of the brand new spike in additional industrial Bitcoin mining, we wish to underscore the brand new wave of solo miners and the way hobbyist miners are coming again to the market, because of enhancements in mining swimming pools, effectivity beneficial properties and area of interest methods,” the analysts stated.
Bitcoin mining in 2024 versus 2025: Rising competitors as output shrinks
Since final 12 months, the Bitcoin mining market has grown considerably in scale, complexity and competitiveness, with the worldwide hashrate surpassing the symbolic one zetahash per second (ZH/s) in August, in keeping with CoinWarz knowledge.
“This displays each elevated funding and the deployment of ultra-efficient mining {hardware} such because the Antminer S21 sequence,” Bitfinex analysts stated. “Briefly, the Bitcoin mining market of 2025 is extra industrialized, technologically superior and geographically dispersed than it was in 2024, but additionally extra aggressive and risky.”
Bitcoin hashrate chart from December 2024 to November 2025. Supply: CoinWarz
Regardless of rising competitors, mining output has declined over the previous 12 months. Bitcoin’s circulating provide added round 155,000 BTC between Nov. 27, 2024, and Nov. 27, 2025, down 37% from 245,000 BTC within the previous 12 months, in keeping with Blockchain.com.
“2024 was already a troublesome 12 months for miners,” Kristian Csepcsar, chief advertising officer at BTC mining tech supplier Braiins, informed Cointelegraph, including that miners had been deploying {hardware} at file velocity.
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Nonetheless, even with increased BTC costs, the revenues continued to fall because the hash value — or miners’ returns earned per unit of hashpower — plummeted amid growing mining competitors, Csepcsar added.
Bitcoin hashprice index hit an all-time low at $34 on Nov. 21, 2025. Supply: HashrateIndex.com
“2024 was tough. As we speak is worse. Miners are in essentially the most aggressive atmosphere the business has ever seen, and no person is aware of how lengthy this may final,” Csepcsar stated.
Solo and hobbyist mining again to the market
Regardless of intensifying industrial competitors and rising prices, particular person miners haven’t disappeared. As an alternative, they’re re-entering the market, supported by diversified enhancements in mining pool expertise, in keeping with Bitfinex analysts.
“Instruments resembling CKPool — a solo-mining-friendly platform recognized for low latency — have helped make this apply extra accessible,” the analysts stated. The corporate additionally noticed a viral social development for “lottery wins” by solo miners, significantly these utilizing environment friendly, low-noise mining gadgets at dwelling.
Supply: RedPandaMining
Hobbyist mining — not fairly solo, but additionally not industrial — has seen a mini renaissance,” Bitfinex analysts stated. The development has been pushed by the provision of environment friendly, low-cost ASICs, using off-peak electrical energy methods, warmth recycling strategies, and firmware resembling BraiinsOS, which permits miners to underclock gadgets for optimum effectivity.
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“It’s unlikely that these teams may take the hashrate lead in a capitulation situation, as we’re speaking about regular customers with restricted hashrate out there,” the analysts stated.
Within the occasion of serious capitulation from the most important miners, mid-size industrial operations would change into the brand new main gamers, whereas solo miners and hobbyists would nonetheless be far behind them by way of capability, Bitfinex stated, concluding:
“It’s an fascinating sample, however it’s removed from competing with the bigger and extra industrial operators.”
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