For years, mining has XEM the backbone of the Bitcoin network. But as we head into late 2025, the entire industry is facing unprecedented pressure: hash prices are plunging, operating costs are rising, Capital periods are lengthening , and the traditional mining model is becoming increasingly unprofitable.
According to the latest report, this is not just a temporary fluctuation but a fundamental restructuring phase where weak miners will be eliminated, and strong enough businesses will step up to a completely new position.
Mining profits plummet – the game is no longer “easy”
As the network hashrate continues to reach new highs, the hashprice has dropped from ~55 USD/PH/s to ~35 USD/PH/s. This has significantly reduced miner revenue.
Meanwhile, the total cost (electricity, personnel, operations, maintenance, finance) of many miners remains at ~44 USD/PH/s. This means that a large number of miners are breaking Capital or at a slight loss .
The next big blow comes from the hardware:
New generation Mining Rig are more expensive
Capital period extends beyond 900–1,000 days
Cash flow decreases while debt service costs increase
In summary, mining is no longer the “gold mine” it was in previous cycles.
Small miners leave the game, M&A boom
As profits decline and costs increase, miners with high costs, poor governance, or heavy reliance on debt financing are unlikely to survive.
Result:
Many mining facilities have to shut down equipment to avoid losses.
Some are forced to sell infrastructure and transfer data centers.
The market witnessed a wave of large-scale acquisitions (M&A)
Large companies with low electricity costs, good debt management and high levels of automation are gradually dominating the market, consolidating their position before the upcoming halving.
Miners Move From Bitcoin to AI/HPC Services
A prominent trend of 2025–2026 is the pivot to AI and HPC .
Why is this a good choice?
AI requires a lot of electricity
HPC requires high-performance data centers
Miner's cooling infrastructure and 24/7 operation are perfectly suited
Profit margins from computing services are generally more stable than Bitcoin mining
A large miner Chia that HPC/AI revenue brings in a more stable cash flow , is less affected by BTC price, and is independent of mining difficulty.
This opens a new era: miners are no longer simply “Bitcoin miners” but become digital infrastructure providers .
How is the Vietnam / Southeast Asia mining industry affected?
In Vietnam, there are not many large-scale mining, but there are a large number of small-scale miners running on old ASIC equipment. This “basic cleansing” phase can lead to:
It is becoming increasingly difficult for small miners to make a profit , especially those who use household electricity or do not have a clear Capital plan.
Opportunities for Vietnamese users may lie in hashpower rental models, infrastructure investments or nodes in new blockchains , instead of running traditional ASICs.
Vietnamese businesses can benefit if they take advantage of cheap electricity infrastructure to provide compute for AI/HPC , instead of mining BTC directly.
This is a “structural turning point”, not just a cyclical shift.
I believe this is not a temporary drop in profitability — but a reshaping of the mining industry .
Noteworthy:
Miners who survive this phase will become much stronger .
Hybrid mining model (Bitcoin + HPC + AI compute) will be the mainstream trend 2026–2030.
The role of miners in the Web3 ecosystem could expand to:
Infrastructure Node
Calculation class
Data storage
Provide resources for rollup/L2
In other words, mining is evolving from a single-task industry to a multi-tasking infrastructure industry , playing a Vai in both crypto and artificial intelligence.
The mining game will now be dominated by only the “strong”
If 2021–2022 was the golden age for all miners, then 2025 and beyond will be a playground for only:
Miners have low electricity costs
Infrastructure meets data center standards
Strong finances, good debt management
Strategy for the transition to AI/HPC
And for crypto investors, it's time to re-evaluate the mining industry from the perspective of an infrastructure industry, not just a "Bitcoin printing machine".
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