Bitcoin Mining Report: August/September 2025

The Bitcoin network has officially entered the zetahash era. For the first time ever, the 14-day moving average hashrate has crossed 1 ZH/s, capping a milestone 15 years in the making. But beneath the headline, miner economics remain under strain and the industry’s competitive landscape is shifting fast.

📌 Key takeaways from this month’s report:

• Historic milestone: Bitcoin reached 1 ZH/s in September, with difficulty set to rise another 4.1% to nearly 140T — locking in the zetahash epoch.
• Margins squeezed: Hashprice slid below $55/PH/s and fees dropped under 0.8% of rewards, signaling tougher economics for miners.
• Who’s growing: Smaller miners led the way — Bitdeer (+40%), HIVE (+28%), Cipher (+18%), and Canaan all expanded capacity, while top players largely paused.
• Arms race flipped: With operators slowing orders, manufacturers like Bitdeer and Bitmain are energizing rigs themselves, shouldering the inventory burden.
• Stocks rally: Mining equities broke out, with Cipher (+124%), Terawulf (+95%), and IREN (+86%) hitting yearly or all-time highs — far outpacing bitcoin itself (-3.2%).

👉 Download the full PDF report for a deeper dive into network trends, miner performance, and the shifting balance of power in the industry.