The first half of 2025 marked significant changes in the Bitcoin mining space, affecting its status as an important institutional tool.
Strategic Shift in Institutional Approach
According to reports, in the first half of 2025, the U.S. Treasury began forming a strategic reserve of Bitcoin, targeting 198,000 BTC. This positioned Bitcoin alongside assets that could serve as analogs to gold. At the same time, there was a growing interest in Bitcoin ETFs, with total assets under management exceeding $100 billion.
New Financial Instruments for Miners
Miners have actively explored new financial instruments, such as convertible notes and BTC-collateralized loans. The popularity of such loans has increased, and average loan amounts could reach up to one million dollars, with loan-to-value ratios between 40-50%.
Technological Innovations and Impact on Profitability
Experts note that amid declining profitability, transaction fees have significantly decreased, while block rewards have become increasingly important for miner revenues. New generations of ASIC devices provide high efficiency, but rising electricity costs render older devices economically unviable.
Thus, the changes observed in the first half of 2025 in Bitcoin mining indicate a need for adaptation to new conditions related to institutional strategies, financial instruments, and technological innovations.
