Bitcoin Mining Resilience Post-Halving
Revenue Reaches $17.2 Billion in 2025 Despite Halved Rewards
Imagine an industry where its primary reward is suddenly cut in half—yet total revenue increases compared to the previous year. Sounds impossible?
That is exactly what happened to Bitcoin mining in 2025, following the fourth Bitcoin halving in April 2024.
According to data from The Block, total Bitcoin mining revenue reached $17.2 billion in 2025, up from $14.7 billion in 2024. This was not luck—it was a real-world demonstration that Bitcoin’s economic design, created by Satoshi Nakamoto, works exactly as intended.
Post-halving economics are not a flaw, but a core feature of Bitcoin.
What Happens During a Bitcoin Halving?
Bitcoin halving is a protocol-level event that occurs roughly every four years. In April 2024:
- Block reward decreased from 6.25 BTC to 3.125 BTC
- Miner rewards were instantly reduced by 50%
Naturally, concerns emerged:
- Small miners would go bankrupt
- Network hashrate would collapse
- Bitcoin’s security would weaken
But reality told a very different story.
What Actually Happened After the 2024 Halving?
📈 Bitcoin Price Surge
Throughout 2025, Bitcoin reached a new all-time high above $126,000 in October. Although prices later consolidated between $80,000–$100,000, the annual price increase more than compensated for the reduced block rewards.
⚡ Hashrate Reached New Records
- Network hashrate surpassed 1 Zettahash (ZH/s) for the first time
- Mining difficulty increased by approximately 35% over the year
Large miners continued expanding operations, deploying next-generation hardware such as:
- Antminer S21
- Avalon A1466 series
- Whatsminer M60 series
💸 Transaction Fees Fell — But Price Saved the Day
- Transaction fee contribution dropped from ~7% in 2024 (during the Ordinals/Runes boom)
- Fell to just ~1% in 2025
Despite lower fees, miner revenue still grew, because the USD value of block rewards increased with Bitcoin’s price.
Why Did Mining Revenue Increase?
In short: Bitcoin’s price growth was the decisive factor.
- 2024 benefited from elevated on-chain activity and high fees
- 2025 saw lower fees but a much higher BTC price
- Result: annual mining revenue increased by ~17%
This pattern is not new. Every Bitcoin halving in history has followed a similar cycle:
- Short-term miner capitulation
- Supply shock
- Long-term price appreciation
This cycle was further amplified by spot Bitcoin ETFs, which attracted billions of dollars in institutional inflows.
Impact on Miners: Survival of the Fittest
Not all miners made it through the post-halving environment.
❌ Who Failed?
- Miners with electricity costs above $0.08/kWh
- Operators running older, inefficient hardware
✅ Who Thrived?
Large public miners such as CleanSpark, IREN, HIVE, and Marathon, by focusing on:
🌍 Relocation to Cheap Energy
- Hydroelectric power in Paraguay
- Renewable energy in Texas and Ethiopia
🧠 Diversification into AI & HPC
- Repurposing infrastructure for AI/HPC data centers
- Riding the emerging AI “supercycle”
⚙️ Extreme Efficiency
- Cost-to-mine below $40,000 per BTC
- Ability to remain profitable even at low hashprice levels
While hashprice (revenue per TH/s) dropped to historic lows, the industry overall became more mature, efficient, and sustainable.
What Does This Mean for Bitcoin’s Future?
The post-halving revenue growth reinforces Bitcoin’s fundamental thesis:
Scarcity drives value.
With only ~1.32 million BTC left to be mined (less than 7% of total supply), the next halving in 2028 may create an even more dramatic supply shock.
2025 has already proven that Bitcoin mining is:
- Resilient
- Adaptive
- Increasingly integrated with green energy and AI infrastructure
So when critics claim that halvings will “kill” Bitcoin mining, the data tells a very different story.
Halvings are not weakening Bitcoin — they are making it stronger.
Main sources: The Block (2026 Bitcoin Mining Outlook), Hashrate Index, CoinDesk.
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