Bitcoin Mining Report: September/October 2025
Bitcoin’s mining landscape is evolving fast. In the September/October Bitcoin Mining Monthly Report, we dive into how the industry’s new debt wave, AI-driven expansions, and record hashrate are reshaping the sector.
For the first time ever, the Bitcoin network’s average monthly hashrate surpassed 1.034 ZH/s (1,034.76 EH/s) in September, resulting in hashprice falling below $47/PH/s following a combination of record difficulty levels and market uncertainty. The report details how miners are navigating the squeeze through capital markets, innovation, and diversification.
Key Highlights:
- Debt boom returns: Public miners raised more than $4B in convertible bonds last quarter, with TeraWulf now planning a $3.2B secured-notes deal — the largest in the sector’s history.
- Operational shifts: MARA regained the top spot with 53.3 EH/s realized hashrate, while Bitdeer jumped 33%, overtaking Riot as the fifth largest miner.
- Stock surge: Combined market capitalization of 15 major miners hit $90B in mid-October, with Bitfarms (+162%), Canaan (+149%), and CleanSpark (+125%) leading the rally as Bitcoin (BTCUSD) slipped −3.7%.
Together, these trends point to a rapidly maturing industry—one no longer defined solely by block rewards, but by access to power, capital, and compute. Download the full report above.
