According to ChainCatcher and Cointelegraph, Bitcoin entered its fifth era after the 2024 block reward halving, with the block reward reduced from 6.25 BTC to 3.125 BTC. Mining companies addressed profitability pressures through hardware upgrades, energy optimization, and regional migration. By May 1, 2025, the network hash rate reached 831 EH/s, a 77% increase from the 2024 low of 519 EH/s, with a peak of 921 EH/s.
Miner iterations accelerated the energy efficiency race, with Bitmain's Antminer S21+ achieving 216 TH/s hash rate and 16.5 J/TH energy consumption, while MicroBT's immersion-cooled WhatsMiner M66S+ reduced energy consumption to 17 J/TH. TSMC and Samsung have introduced 3-nanometer chip technology, with 2-nanometer processes soon to be implemented, continuously driving miner efficiency improvements.
Energy costs dominate mining company survival, with network difficulty rising to a historical high of 123T. The daily revenue per TH/s (Hashprice) dropped from $0.12 in April 2024 to $0.049 in the same period of 2025. The Omani government subsidizes electricity prices at $0.05–0.07 per kilowatt-hour, while semi-official UAE projects offer prices as low as $0.035–0.045 per kilowatt-hour, attracting institutional-level mining farms. US industrial electricity prices exceed $0.1 per kilowatt-hour, forcing mining companies to migrate to low-energy regions in Africa, the Middle East, and Central Asia.
Cointelegraph's research report suggests that AI computing demand, global regulatory adjustments, and hardware technology breakthroughs will continue to influence the industry landscape over the next 12–18 months. Efficiency optimization has become a survival necessity, with only top-tier mining companies maintaining competitiveness through energy arbitrage and equipment upgrades. Sovereign nations' adoption and institutional entry may redefine Bitcoin's position in the global financial system.
