Bitcoin’s Hashrate Rises, Boosting Mining Profits
Bitcoin’s hashrate has been on the rise in recent days, climbing by 40 exahash per second (EH/s) over the past five days. As of March 25, 2025, the network’s hashrate reached 836 EH/s, nearing its historical peak. Alongside this increase, Bitcoin’s price surge has had a significant effect on mining profitability, with the hashprice—representing the estimated daily earnings from one petahash per second (PH/s) of computational power—also seeing a marked rise.
Bitcoin Miners Experience Improved Earnings
On March 25, 2025, Bitcoin miners witnessed a boost in their earnings compared to the previous week. On March 18, the estimated daily earnings from one petahash stood at $46.21, but by March 25, this figure had increased to $49.57, according to data from hashrateindex.com. This uptick in earnings has provided some relief for miners who had been grappling with tighter margins during the earlier part of March.
The price surge in Bitcoin has also resulted in an increase in network activity. Data from mempool.space shows that, as of 6:30 p.m. Eastern Time on March 25, there were 48,116 unconfirmed transactions sitting in the mempool, waiting for confirmation. Additionally, transaction fees have risen slightly, with the current fee rate standing at 31 satoshis per virtual byte (sat/vB). This means that a high-priority transaction now costs around $3.83. Despite this increase, transaction fees continue to account for only 2.14% of the total earnings for miners over the past 24 hours.
Hashrate Nearing Record Levels
The surge in Bitcoin’s price has played a key role in driving the increase in hashrate, as the network gained 40 EH/s, rising from 796 EH/s on March 20 to 836 EH/s on March 25. This increase in hashrate coincided with a 1.43% mining difficulty adjustment that took place at block height 889,056 on March 23. Bitcoin’s mining difficulty now stands at 113.76 trillion, just slightly below its all-time high of 114.17 trillion, which was recorded six weeks ago at block height 883,008.
The rising hashrate and mining difficulty suggest a recalibration period for miners, who are now adjusting to the growing computational power of the network. These miners are balancing their operational costs against the increasing difficulty and fluctuating earnings, as both factors evolve in tandem.
Miners’ Profitability and Adaptation to Network Changes
With transaction fees still making up a minor portion of miners’ total earnings, profitability remains closely tied to Bitcoin’s price. As the network nears historical levels in both hashrate and difficulty, miners must adapt their strategies to navigate tightening margins and evolving network conditions. The shift in network dynamics presents both opportunities and challenges for miners, who must continually adjust to remain profitable.
One contributing factor to the rising hashrate is advancements in application-specific integrated circuit (ASIC) hardware, which has likely played a role in increasing the computational output of the network. Historical data shows that fluctuations in Bitcoin’s fiat value often trigger corresponding increases in network hashrate, as miners adjust their operations to take advantage of favorable profit incentives. These adjustments typically occur with a time lag of one to six weeks, as miners fine-tune their operations in response to shifting market conditions.
Conclusion
As Bitcoin’s price continues to climb, the network’s hashrate is nearing its historical peak, with miners seeing a boost in their earnings. However, the increase in difficulty and the fluctuating price of Bitcoin mean that miners must continually adapt to maintain profitability. With the continued evolution of mining technology and the growing computational power of the network, the next few weeks will be crucial in determining how miners navigate these changes and how the network will evolve moving forward.
