The mining landscape is experiencing significant challenges despite Bitcoin's post-halving price rise, with difficulty increases acting as a "second halving" for miners. We analyze key metrics showing why price alone doesn't tell the full story of mining economics.
• Bitcoin price currently retreating to $81,500 despite analyst projections of $180,000-$250,000 by end of 2025
• Difficulty increases (25% over 16 weeks) creating a "second halving" effect for miners
• Hash price down from $110 pre-halving to around $50 today, making profitability difficult for many operations
• Global hash rate has increased 60% in 14 months (from 600 EH/s to over 810 EH/s)
• Bitfarms selling 200MW Paraguay facility to Hive for $85M, refocusing on North America
• Hive expanding to 300MW in Paraguay, targeting 25 EH/s by September 2025
• Soluna Holdings secured $5M non-dilutive debt financing from Galaxy Digital
• HPC/AI diversification proving valuable as Bitcoin price remains below December highs
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