Despite the recent Bitcoin halving that slashed mining rewards, Bitcoin mining revenue has remained remarkably steady at $1.4 billion in January 2025. The overall mining landscape shows impressive resilience, with Q1 2025 revenues hitting approximately $3.6 billion, just slightly below Q4 2024’s $3.7 billion haul. Not too shabby for an industry that basically got its paycheck cut in half. Transaction fees continue to represent only 1.33% of revenue, highlighting miners’ heavy dependence on block rewards.
Canaan Inc. has emerged as a standout performer in this environment. The company reported a jaw-dropping 312% year-over-year surge in Bitcoin mining revenue, reaching $44 million. Their BTC holdings have climbed to 1,292 bitcoin, representing a significant treasury for a company that pulled in $269.3 million in total revenue for 2024. Canaan’s growth isn’t just good—it’s crushing the industry average.
Canaan’s 312% revenue surge isn’t just beating expectations—it’s demolishing them while stacking sats faster than the competition.
The big boys of mining continue to dominate the network. Public mining companies now control roughly 30% of the network’s hashrate and collectively hold 99,000 bitcoin worth a cool $9.7 billion. Marathon Digital leads the pack with 41.65 EH/s, followed by CleanSpark at 34.77 EH/s and Riot Platforms with 31.27 EH/s. Miners’ utilization rates have become a crucial performance metric, with Bit Digital’s 95% efficiency leading the industry according to operational data. It’s a three-horse race, and everyone else is eating dust.
Bitcoin’s price has been a saving grace, hovering near $100,000 after January’s close at $102,405—up 13.1%. This price strength has kept miners afloat, but efficiency is everything now. IREN claims the most efficient North American fleet at 15 j/TH, with CleanSpark close behind at 16.15 j/TH. Mining costs for these large operations typically range from $26,000 to $28,000 per Bitcoin, creating healthy profit margins at current prices.
Smaller miners? They’re getting squeezed out. Hard. Many are pivoting to alternative revenue streams like AI and HPC hosting. Core Scientific has already committed 200 MW capacity for AI workloads, while others are fleeing to regions with cheaper renewable energy.
Looking ahead, TheMinerMag predicts a difficulty adjustment decline in February, but the writing’s on the wall. The next adjustment on April 5, 2025, is expected to jump by 5.33%. Adapt or die—that’s the Bitcoin mining mantra for 2025.
