2025 Mining News Top 10: Mining companies' transformation, AI craze, Bitcoin hash rate surpassing 1 ZH/s, Trump family and Tether entering the scene, rise of sovereign nation mining, and more

Author | Wu Talks Blockchain

1. Large-scale Transformation of Mining Companies into AI/HPC, CoreWeave’s Billion-dollar Acquisition of Core Scientific Sets Industry Benchmark

In the second half of 2025, as mining profits compress, leading mining companies accelerate their transition into AI and high-performance computing (HPC). In July, AI infrastructure unicorn CoreWeave announced a full-stock transaction to acquire Bitcoin miner Core Scientific, with an estimated valuation of about $9 billion. The latter provides 1.3 GW of scarce power capacity for AI operations. In November, another miner IREN announced a five-year GPU cloud computing service agreement with Microsoft, worth up to $9.7 billion, and deployed NVIDIA GB300 GPU clusters.

This trend signifies a fundamental shift in the business model of mining. Companies like Hut 8 and Bit Digital (WhiteFiber) have also signed 10–15 year data center hosting agreements to monetize computing assets. Analysis indicates that AI hosting revenues generally surpass traditional mining, providing stable cash flow, and the “hash rate rankings” are gradually being replaced by “AI contract value.”

2. Bitcoin Network Hashrate Surpasses 1 ZH/s, Single Coin Full Cost Rises to $137,000

In December 2025, Bitcoin’s total network hashrate officially surpassed 1 ZH/s (ZettaHash), marking an entry into a highly competitive phase. According to CryptoRank data, the average cash cost for listed mining companies to mine one BTC has reached approximately $74,600; when accounting for depreciation and stock-based compensation (SBC), the full cost rises to about $137,800.

The high costs have extended the breakeven period for mining machines to over 1,200 days, with financing costs continuously rising. Even the most efficient miners can barely break even, directly prompting the exit of small and medium miners and the diversification of large mining firms into AI businesses.

3. Trump Family Deeply Involved, Eric Trump Founded American Bitcoin Corp and Seeks to Go Public

In 2025, the Trump family in the United States has been active in crypto mining. In March, Eric Trump, the second son of former President Trump, co-founded American Bitcoin Corp (ABTC) with Hut 8. The company subsequently raised $220 million and plans to go public via a reverse merger with Gryphon Digital Mining on NASDAQ.

Although the stock experienced a 50% single-day plunge in December due to restricted stock unlocks, the Trump family’s involvement is seen as an important signal of political support for domestic mining industry. Eric Trump has publicly stated his commitment to building Bitcoin “strategic reserves” and promoting the US as a global hash rate center.

4. Russia Implements “Strictest” Mining Ban While Recognizing Mining as an “Export Project”

By the end of 2025, the Russian government adopted a “dual approach” in mining regulation. On one hand, it plans to implement year-round permanent mining bans in regions like Buryatia and the Trans-Baikal Territory, with some bans lasting until 2031, and criminalize illegal mining. On the other hand, Putin’s economic advisor Maxim Oreshkin publicly stated that Bitcoin mining is a “lowballed export project” for the country and supports the ruble exchange rate.

Currently, Russia accounts for nearly 16% of global hash power, second only to the US. The Central Bank and Ministry of Finance are attempting to include mining in international balance of payments statistics and use cryptocurrencies for cross-border payments to evade sanctions, highlighting the strategic importance of hash power resources amid geopolitical tensions.

5. Rise of Sovereign State Mining, Bhutan’s Bitcoin Reserves Account for 40% of GDP

In 2025, state-level sovereign funds and governments directly participating in mining have become a new trend. Data from June shows that Bhutan, leveraging its abundant hydropower resources, has accumulated Bitcoin reserves worth about $1.3 billion, accounting for nearly 40% of the country’s GDP. In December, Bhutan signed a memorandum of understanding with crypto market maker Cumberland to further develop digital asset infrastructure.

Besides Bhutan, the UAE government holds about 6,300 BTC through its holding company Citadel Mining; Ethiopia, Argentina, and other countries are also attracting global miners through cooperation with state-owned power companies, using “energy-for-hash” models to fill national treasuries.

6. Stablecoin Giant Tether Deeply Engages in Mining, Supports Decentralized Pool OCEAN

In 2025, the world’s largest stablecoin issuer Tether accelerated its expansion into the mining sector. Tether has invested in renewable energy mining farms in Uruguay and El Salvador, and in April announced deploying hash power on the decentralized mining pool protocol OCEAN to reduce centralization risks.

In terms of capital operations, Tether’s holdings in Northern Data sold its mining division Peak Mining for $200 million in November, shifting focus to AI data centers. Tether leverages its massive USD reserves to become a key financier and builder of global mining infrastructure.

7. Mining Machine Price War Begins, Bitmain S19/S21 Series Drop to “Fire Sale” Prices

By the end of 2025, due to cryptocurrency price fluctuations and reduced rewards post-halving, the mining hardware market entered a winter. Industry giant Bitmain sharply cut product prices; according to internal December quotes, older models like S19 XP Hydro are priced as low as $3–4/TH/s, and even the newer S21 series dropped to $7–8/TH/s, entering a “clearance” phase.

Meanwhile, Bitdeer released its self-developed SEALMINER, and Canaan launched the Avalon Mini home miner series. Market competition shifted from pure hash rate stacking to focus on energy efficiency (J/TH) and customization for AI data centers.

8. Global Crackdown on Illegal Mining and Power Theft, Malaysia Seizes $1.1 Billion in Power Theft Cases

In 2025, many countries intensified efforts against illegal “power theft mining.” Malaysian authorities formed joint ground and aerial task forces, using drones for reconnaissance, and announced the shutdown of nearly 14,000 illegal mining machines in December. These illegal activities have caused the national power grid a loss of $1.1 billion since 2020.

Additionally, Libya, Thailand, Russia, and other countries launched special operations targeting illegal power connections in steel plants and residential areas, with criminal prosecutions. Compliance with electricity use and grid stability have become bottom lines for the survival of the mining industry.

9. Listed Mining Companies Persist in “HODL” Strategy, MARA Holdings’ Holdings Exceed 50,000 BTC

In 2025, despite significant cash flow pressures, mainstream listed miners continue to adhere to the “HODL” (long-term hold) strategy. MARA Holdings (formerly Marathon Digital) announced in August that its Bitcoin holdings surpassed 50,000 BTC, worth billions of dollars. Companies like CleanSpark and Hyperscale Data also follow suit, with the latter’s Bitcoin holdings accounting for 83% of its market value.

These companies raise liquidity through convertible bonds, stock issuance, or Bitcoin collateral rather than selling mined BTC directly to pay electricity bills. This “high leverage HODL” model makes mining stocks high-beta investments correlated with Bitcoin.

10. Mining Compliance Alerts, IcomTech Ponzi Scheme Executives Sentenced to Prison

In December 2025, the Ponzi scheme IcomTech, claiming to be a crypto mining project, faced its final judgment. Senior promoter Magdaleno Mendoza was sentenced to 6 years in prison and assets were confiscated. The project falsely promised investors high daily mining and trading returns.

This verdict aligns with the trend of increased mining regulation worldwide this year. The US Securities and Exchange Commission (SEC) scrutinized green energy hash projects, and tax authorities in multiple countries conducted transparent audits of cross-border mining income, indicating that the industry is moving away from “wild growth” toward full compliance.