Mining Industry Recap, Episode 25

Network Overview

Over the past week, Bitcoin has experienced a significant downturn, with its price dropping from approximately $90,000 to slightly above $80,000 today. This sharp decrease has been attributed to the escalating trade tensions and concerns over the U.S. economy, which have led investors to move away from riskier assets like cryptocurrencies. Since concerns about the economy don't have any direct relationship with the future of Bitcoin, prices could start recovering once the situation stabilizes and stock markets stop crashing.

Meanwhile although difficulty increased earlier in the week, all other indicators are now reflecting a contraction in the Bitcoin network. Miners' revenue fell sharply, mostly because of the price crash reducing net rewards (rewards in dollars - electricity cost in dollars). The fall in transaction fees, transaction value and mempool size also indicate a reduction in network usage.

Ben Gagnon: Energy Access and Deregulation Key for Bitcoin Mining Growth

Bitfarms CEO Ben Gagnon commented that energy access and deregulation are crucial for the future of Bitcoin mining. He warned that ongoing trade tensions between the U.S. and Canada could affect energy markets, which are vital for the industry. Bitfarms has been shifting its operations, now with 66% of its mining based in the U.S., up from just 6% previously. This transition improved operational costs, allowing the company to capitalize on North America's growing mining infrastructure.

Gagnon also pointed out that former industrial energy assets, such as those used for aluminium smelting, are now being repurposed for Bitcoin mining, creating new growth opportunities. He noted that while discussions of a U.S. Bitcoin reserve demonstrate greater political recognition, the industry still needs clearer policies and better access to electricity markets to ensure long-term stability and expansion.

Source: crypto.news

Bitdeer’s SEAL03 Chip Sets New Benchmark for Bitcoin Mining Efficiency

Bitdeer Technologies has successfully tested its latest mining chip, SEAL03, which achieved an impressive energy efficiency of 9.7 J/TH in ultra-low voltage mode. Developed in collaboration with semiconductor giant TSMC, the chip is a major breakthrough in mining hardware, as it greatly reduces energy consumption while maintaining high performance. SEAL03 will be integrated into the upcoming SEALMINER A3 series, with mass production set for the second half of 2025.

With data centers in the U.S., Norway, and Bhutan, Bitdeer continues to expand its mining infrastructure and cloud computing services. The company is also working on the next generation chip SEAL04 with which it aims to consolidate its technological advantage even further.

Source: cryptonomist.ch

CleanSpark to Join S&P SmallCap 600

CleanSpark, one of the largest publicly traded Bitcoin mining firms, is set to be added to the S&P SmallCap 600 index on March 24, 2025. This inclusion will bring increased visibility among institutional investors and will affirms the company’s financial stability and growth. CEO Zach Bradford emphasized that this milestone is evidence of CleanSpark’s success as a vertically integrated mining operation.

The announcement follows a standout first quarter, where CleanSpark reported an 82% revenue increase and mined 1,945 BTC, a 33% jump from the previous quarter. With its hashrate surging to 39.1 EH/s, the company continues to scale operations despite Bitcoin’s price correction

Source: crypto.news

Iran Seizes 240,000 Mining Rigs Amid Worsening Energy Crisis

Iranian authorities have confirmed the confiscation of 240,000 illegal mining rigs over the past three years, citing severe strain on the country’s electricity grid. The unlicensed miners reportedly consumed around 800 megawatts, nearly the entire output of Iran’s Bushehr nuclear power plant. With ongoing power shortages, Iran has been rationing electricity, shutting down government offices, and moving schools online to manage the crisis.

Despite bans, an estimated 700,000 illegal miners remain active, consuming up to 2,000 megawatts. Iran has criminalized unauthorized mining, imposing fines up to three times the value of confiscated equipment. At the same time, the Central Bank of Iran (CBI) has banned crypto deposits and withdrawals, aiming to curb the free fall of its currency.

Source: cryptopolitan.com

U.S. Customs Seized Bitcoin Miners Over Alleged Radio Frequency Concerns

Over the past several months, U.S. Customs and Border Protection (CBP) and the Federal Communications Commission (FCC) have seized up to 10,000 Bitcoin mining machines at U.S. ports. The seizures were reportedly based on the mistaken classification of ASIC miners as radio frequency devices, despite these machines not emitting radio signals. Luxor Technology COO Ethan Vera stated that the FCC’s request to hold the miners was based on a false assumption about their functionality.

The incident has unfolded alongside increasing U.S. tariffs on Chinese imports and broader trade tensions, leading some analysts to speculate that political motivations played a role in the detentions. While the mining sector has been lobbying for greater transparency, Vera noted that ASIC supply chains may remain stable, as many miners are now imported from Southeast Asia rather than China

After months of delays, U.S. authorities have started releasing some of the detained miners, but the majority remain held. Industry insiders suggest that certain shipments may have been specifically targeted due to the involvement of Chinese chipmaker Sophgo, adding to the concerns that geopolitical tensions could affect the Bitcoin mining industry.

Source: reuters.com

Source: cointelegraph.com

CleanSpark Expands Bitcoin Treasury Despite Market Pressures

CleanSpark added 624 BTC to its holdings in February, which increased its corporate treasury by 6% to a total of 11,177 BTC—valued at around $1 billion. Unlike other miners pivoting to AI and HPC services, CleanSpark remains focused on pure Bitcoin mining, following a strategy similar to MicroStrategy’s BTC accumulation model.

Despite strong earnings and a 120% YoY revenue increase in its latest fiscal report, CleanSpark’s stock has fallen over 10% YTD amid declining Bitcoin prices and macroeconomic uncertainty, yet CleanSpark remains committed to long-term Bitcoin accumulation.

Source: cointelegraph.com