Bitcoin miners are operating at unprecedented scale as the network hashrate pushes past 1,100 exahashes per second (EH/s), setting new all-time highs while the price of Bitcoin hovers near $109,273 on May 24, 2025. The surge in computational power comes as mining economics reach their most favorable levels since February, driven by a relentless Bitcoin price rally that has seen the asset climb from $94,519 at the start of May to a new all-time high of $111,814 just days ago.
TL;DR
- Bitcoin network hashrate surpasses 1,100 EH/s, closing May at a record high
- USD-denominated hashprice jumped nearly 20% in May, peaking at $58.26 per PH/s/day
- Network difficulty hit a new all-time high of 126.98T after three adjustments throughout May
- Miner revenue reached $56.3 million daily by late May, reflecting strong profitability
- Companies like CleanSpark and HIVE Digital report significant hashrate growth and expanded operations
Hashrate Reaches Uncharted Territory
Bitcoin’s hashrate has been volatile but decisively upward throughout May 2025. The network opened the month at approximately 833 EH/s on May 1 and recorded several dramatic peaks. On May 5, hashrate spiked to 1,095 EH/s, followed by another surge to 1,061 EH/s on May 8. These jumps coincided with Bitcoin breaching the $100,000 threshold for the first time in weeks, creating a profitability environment that incentivized miners to bring additional capacity online.
A brief mid-month dip saw hashrate fall to 706 EH/s on May 14, likely reflecting network difficulty adjustments and regional power cost fluctuations. The recovery was swift and decisive — hashrate rebounded to 979 EH/s by May 15 and surpassed 1,000 EH/s again by May 18. The strongest phase came in the final week: on May 23, hashrate hit 1,079 EH/s, and by May 30, it closed at 1,101 EH/s, one of the highest levels year-to-date.
This pattern suggests a well-capitalized and highly responsive mining sector. Miners are scaling capacity aggressively in line with rising prices, treating short-term dips as opportunities to optimize operations rather than reasons to curtail activity.
Mining Economics Turn Favorable
The improvement in mining profitability is undeniable. According to Luxor’s Hashrate Index, the average USD-denominated hashprice rose nearly 20% month-over-month in May, driven almost entirely by Bitcoin’s price appreciation. Hashprice began May at $49.57 per PH/s/day and climbed to a peak of $58.26 on May 22 — the highest daily hashprice since February 4 — before settling at $52.11 by month-end.
Energy-adjusted mining revenues also improved significantly. Operations running fleets with efficiency below 19 J/TH earned approximately $134 per MWh on average during May. Miners in the 19–25 J/TH tier earned around $103 per MWh, while those in the 25–38 J/TH range still generated roughly $71 per MWh. These figures represent a substantial uplift from the leaner months earlier in 2025.
Daily miner revenue told a similar story. Revenue opened May at $40.9 million and climbed steadily, reaching $56.3 million by May 28 — marking one of the highest revenue levels in recent months. The upward trajectory reflects strong price levels, stable hashrate recovery, and sustained demand for on-chain transactions.
Difficulty Adjustments Reflect Growing Competition
Bitcoin’s network difficulty underwent three adjustments throughout May, telling a nuanced story of mining competition. The month began with a -3.34% drop on May 3, bringing difficulty down from 123.23T to 119.12T. This dip was followed by two consecutive increases: +2.13% on May 17 and a substantial +4.38% on May 30. Difficulty ended the month at 126.98T, setting a new all-time high.
The difficulty trajectory mirrors the broader pattern of miners expanding operations. The initial dip likely reflected temporary curtailment as miners adjusted to price volatility, but the subsequent ramp-up confirms that new hardware is being deployed at scale. The network’s self-correcting mechanism is working as designed — as more hashpower comes online, difficulty adjusts upward to maintain the target block time of approximately 10 minutes.
Public Miners Report Strong Growth
Several publicly traded mining companies reported impressive operational metrics for May 2025. CleanSpark maintained an average hashrate of 42.5 EH/s throughout the month, with average daily production of 22.39 Bitcoin. The company continues to focus on clean energy-powered mining operations, positioning itself as one of the most efficient large-scale miners in the industry.
HIVE Digital Technologies achieved a remarkable 58% peak hashrate growth in a single month, surpassing 10 EH/s in May and reaffirming its target of reaching 25 EH/s by year-end. This aggressive expansion reflects the broader industry trend of miners reinvesting profits into next-generation hardware and expanded facilities.
The forward hashrate market is also showing strong bullish sentiment. Luxor’s OTC hashrate forward market is now clearing up to 25 EH daily, with year-to-date notional trading volume surging past $100 million. USD hashprice forwards rose 8–10% across the curve in May, with implied Bitcoin prices climbing 11–13%, suggesting market participants expect the rally to continue.
Transaction Fees Remain Subdued
Despite the favorable price environment, transaction fees continued their bearish trend through most of May. Low congestion and minimal on-chain activity kept fees compressed, with the only notable spikes coming on May 12 and May 16, when fees briefly rose to approximately 9 sats/vbyte. These spikes were driven by the emergence of a new metaprotocol called Alkanes, which gained traction in China and spurred temporary minting activity.
The fee environment means that BTC-denominated hashprice remained largely flat throughout May, beginning at 0.00052 BTC/PH/day, edging up to 0.00054 mid-month, and declining to 0.00050 by month-end. For miners focused on Bitcoin accumulation rather than USD revenue, the month offered modest returns, though the strong USD price more than compensated.
Why This Matters
The hashrate surge past 1,100 EH/s is more than a technical milestone — it represents a fundamental shift in Bitcoin’s security and infrastructure maturity. When miners invest heavily in expanding operations despite the halving-era reduced block rewards, it signals deep conviction in Bitcoin’s long-term value proposition. The fact that companies are deploying billions of dollars in capital to scale mining operations while Bitcoin trades above $100,000 suggests that the industry sees further upside ahead.
The growing institutionalization of hashrate markets — evidenced by Luxor’s forward market volumes exceeding $100 million year-to-date — also points to a maturing ecosystem where mining is no longer a speculative venture but a sophisticated, hedged business operation. For investors and network participants alike, the message is clear: Bitcoin’s infrastructure layer has never been stronger.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency mining involves significant risk, including hardware costs, energy expenses, and market volatility. Always conduct your own research before making investment decisions.
1100 EH/s after starting May at 833. a 32% jump in one month is insane. CleanSpark and HIVE are throwing everything they have at expansion
hashprice at $58.26 per PH/s/day and difficulty at 126.98T all-time high. miners are printing money at $109K BTC, no wonder hashrate is going vertical
miner revenue at $56.3M daily with BTC near ATH. this is the most profitable mining environment since the 2024 halving aftermath
that mid-month dip to 706 EH/s on May 14 before bouncing back to 1000+ by May 18. someone probably had a power issue in Texas or something