Weekly mining sector update 7/11/25 - Crypto Mining Magazine

Bitcoin Mining Update: Key Insights from MARA, Bitdeer, CleanSpark, and Hut 8

The Bitcoin mining landscape continues to evolve in 2025, with major players like MARA Holdings, Bitdeer Technologies, CleanSpark, and Hut 8 Mining Corp navigating production challenges, strategic shifts, and market dynamics. Here’s a summary of their recent performance, strategies, and challenges.

MARA Holdings (MARA): Leading the Pack

Production: MARA mined 713 BTC in June 2025, a 25% drop from May’s record-breaking 950 BTC due to weather disruptions and equipment repairs. Despite this, MARA’s Bitcoin holdings surpassed 50,000 BTC, valued at ~$5.5 billion.
Hashrate & Infrastructure: With a current hashrate of 57.3 EH/s, MARA aims to reach 75 EH/s by year-end, supported by renewable energy investments like a 240 MW wind farm in Texas.
Strategic Moves: MARA partnered with TAE Power Solutions to optimize energy use and diversified into mining Kaspa (KAS), producing 93 million KAS by mid-2024.
Challenges: Post-halving cost increases (~$40,000/BTC) and IRS taxation policies remain hurdles.

Bitdeer Technologies Group (BTDR): Diversifying with SEALMINER

Production: Bitdeer mined 196 BTC in May 2025, an 18.1% increase from April, driven by SEALMINER deployments. However, the company prioritizes selling mined BTC over holding.
Hashrate & Infrastructure: Bitdeer’s self-mining hashrate reached 13.6 EH/s, with plans to expand to 18 EH/s by early 2025. Recent expansions in Norway and Bhutan added significant capacity.
SEALMINER Program: Bitdeer shipped 1.6 EH/s of SEALMINER A2 units in May 2025 and continues R&D on next-gen chips for improved efficiency.
Challenges: Competitive pressures and supply chain delays have impacted production share, which dropped to 1.4% by April 2025.

CleanSpark (CLSK): Pure-Play Bitcoin Mining

Production: CleanSpark mined 614 BTC in June 2025, with holdings at 12,608 BTC. The company’s spot sales program outperformed market averages, selling BTC at $105,860/coin.
Hashrate & Infrastructure: CleanSpark’s hashrate reached 50 EH/s in June, with a focus on modular, low-carbon infrastructure (91% zero-carbon energy).
Strategic Focus: Unlike peers diversifying into AI, CleanSpark remains dedicated to Bitcoin mining, leveraging efficiency and scale to grow market share.
Challenges: Tax-driven liquidity issues and post-halving cost increases have pressured finances, despite strong revenue growth.

Hut 8 Mining Corp (HUT): Diversifying into AI

Production: Hut 8 mined 234 BTC in Q1 2025, reflecting post-halving challenges. Holdings reached 10,171 BTC by December 2024.
Hashrate & Infrastructure: Operating at ~15 EH/s, Hut 8 focuses on colocation partnerships and high-performance computing (HPC) diversification.
Strategic Developments: Backed by Trump-aligned initiatives, Hut 8 is expanding into AI and HPC, generating $47.6 million in HPC revenue in FY 2024.
Challenges: Halving-related margin compression and site transitions have impacted production and market share, which fell to 5.1% by April 2025.

Comparative Insights

Market Share: MARA leads with 15.8% production share, followed by CleanSpark (6.1%) and Riot (11.4%). Bitdeer (1.4%) and Hut 8 (5.1%) lag behind.
Hashrate Rankings: MARA tops the list with 57.3 EH/s, followed by CleanSpark (50 EH/s) and Bitdeer (13.6 EH/s).
Bitcoin Holdings: MARA holds the largest treasury (50,000+ BTC), while CleanSpark and Hut 8 trail with 12,608 BTC and 10,171 BTC, respectively.

Challenges Across the Industry

All miners face rising costs post-halving (~$40,000–$70,000/BTC), IRS double-taxation policies, and new 36% tariffs on mining equipment. Despite these challenges, bullish sentiment persists, fueled by Bitcoin’s rally to $116,031.95 in July 2025.

Conclusion: MARA leads the industry with unmatched hashrate and holdings, while Bitdeer focuses on SEALMINER production and AI diversification. CleanSpark excels as a pure-play miner, and Hut 8 explores new revenue streams in AI and HPC. As the industry adapts to post-halving economics, strategic innovation and efficiency will be key to staying competitive.