Bitcoin miners celebrate a resurgent week as hashprice climbs above $55 per petahash per day, fueled by a 6.26% price rally that pushes BTC back above $102,000. The mining ecosystem shows signs of robust health heading into the second half of May 2025, with block rewards, transaction fees, and mining stock valuations all trending upward in a synchronized bullish signal.
TL;DR
- Bitcoin hashprice reaches $55.17 per PH/s/day, a 10.16% weekly increase
- Miners collect approximately 3,357 BTC (~$337 million) in block rewards over the past week
- Network hashrate registers 890 EH/s on the 7-day SMA, with difficulty decreasing 3.34%
- Mining stock index rises 10.38%, led by Bitdeer Technologies at +34.22%
- Bitcoin Core OP_RETURN controversy sparks debate over blockchain data storage policy
Hashprice Recovery Gains Momentum
Bitcoin USD hashprice increases by 10.16% over the past week, moving from $50.08 to $55.17 per PH/s/day, according to data from Hashrate Index. The BTC-denominated hashprice also ticks upward, gaining 1.65% to reach 0.00054112 BTC per PH/s/day. This recovery brings hashprice close to breakeven levels for many mining operations, depending on their electricity costs and machine efficiency.
The forward market paints a moderately optimistic picture as well, with the hashrate forward curve pricing in an average hashprice of $52.07 or 0.00049 BTC over the next six months. This suggests that market participants expect the current momentum to persist, albeit at slightly lower levels than the spot market.
Miner Revenue and Fee Dynamics
Over the past week, miners collect a total of approximately 3,357 BTC in block rewards, equivalent to roughly $337 million at current prices. Transaction fees constitute 1.14% of total block rewards, totaling 38 BTC or approximately $3.84 million. While fee revenue remains a small fraction of total miner income, the average fee per block per day rises 32% week-over-week from 0.0345 BTC to 0.0455 BTC.
A notable fee spike occurs earlier on May 12, temporarily boosting BTC hashprice for operators hashing at the time. Despite the short-term excitement, fee projection models remain bearish — the ARMA model estimates 0.05 BTC per block per day while the VAR model forecasts 0.06 BTC per block per day for the coming week.
Network Hashrate and Difficulty
The Bitcoin network hashrate registers a slight decline, with the 7-day simple moving average falling 2.20% from 910 EH/s to 890 EH/s. The 30-day SMA stands at 881 EH/s, indicating that the longer-term trend remains stable. The most recent difficulty adjustment on May 3 decreased network difficulty by 3.34% to 119.12T, reflecting the slightly reduced hashrate.
Blocks are found at an average time of approximately 9 minutes and 34 seconds over the past 24 hours, significantly faster than the 10-minute target. This suggests that the upcoming difficulty adjustment, expected around May 16, will likely increase difficulty by an estimated 4.50%.
Mining Stocks Rally
Publicly traded Bitcoin mining companies enjoy a strong week across the board. The Bitcoin Mining Stock Index advances 10.38%, mirroring Bitcoin’s own price appreciation. Bitdeer Technologies (BTDR) leads the pack with a remarkable 34.22% gain to $14.12, reaching a market capitalization of $2.90 billion. Bitfarms (BITF) also performs well, climbing 8.00% to $1.08.
The correlation between Bitcoin price and mining stock performance remains tight, but the outsized gains in some names suggest that investors are pricing in improved profitability at higher Bitcoin levels. With hashprice approaching breakeven for many operators, any sustained Bitcoin price increase above $105,000 could trigger significant margin expansion for efficient miners.
Bitcoin Core OP_RETURN Controversy
While mining economics dominate the headlines, a brewing controversy within the Bitcoin development community adds another layer of complexity. Bitcoin Core announces that its next update will relay and mine transactions with OP_RETURN outputs exceeding the longstanding 80-byte cap. The original limit, designed to discourage arbitrary data storage on the blockchain, now faces reconsideration as large data inscriptions already occur on the network regardless of the restriction.
The decision splits the community. Proponents argue that the change aligns node software with actual network usage, while critics warn about increased costs of running full nodes due to “chain bloat” and a departure from Bitcoin’s primary purpose as a financial tool. The debate echoes previous philosophical battles over block size and Bitcoin’s fundamental identity.
Why This Matters
The confluence of rising hashprice, strong miner revenue, and bullish mining stock performance paints a picture of an industry in recovery mode after the challenges of early 2025. With Bitcoin approaching its all-time high of $109,225, miners find themselves in an increasingly comfortable position — particularly those who maintained operations through leaner months.
The upcoming difficulty adjustment will test whether the current hashrate levels are sustainable. If the estimated 4.50% increase materializes, it signals that new mining capacity continues to come online despite recent hashrate fluctuations. For investors watching the mining sector, the current environment offers a rare window where both Bitcoin price appreciation and improving mining economics align.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
The on-chain metrics tell a different story than the price action alone
55 per PH/s/day is nice on paper but the S19 pros running without immersion are still underwater. only the sub-4-cent power crowd is actually printing right now
thorsten_k S19 Pros without immersion are burning cash at current difficulty. the secondary market for used S19s is going to crash when the next difficulty adjustment hits
890 eh/s on the SMA with difficulty dropping 3.34% at the same time hashprice hits $55. miners finally catching a break after the april squeeze
BTDR up 34% in one week while the mining index only did 10%. somebody knew something about their operational efficiency before the rest of the market
Bitdeer at plus 34pct in a week tells you their immersion cooling bet is paying off. every other miner is surviving on BTC price appreciation not operational efficiency
BitdeerWhale immersion cooling investment is paying off now but it took 2 years of capex before the efficiency showed up in margins. most miners cant wait that long
Bitcoin holding this level is actually really bullish long term
Anyone selling now is going to regret it in 6 months
BTC dominance rising means the real move hasn’t started yet
Pavel Novak BTC dominance rising means alt season hasnt started. miners collecting $337M weekly rewards while dominance climbs is the setup for the real move
BTC dominance climbing while miners collect $337M in weekly rewards. when miners are profitable AND accumulating thats the setup for a big move
bitdeer up 34% in a week leading mining stocks. the mining stock rally is telling you smart money expects higher BTC prices near term
bitdeer at +34% is partly because their immersion cooling puts them in the lowest cost quintile. miners without that edge are barely breaking even at current difficulty levels
asic_flips_ bitdeer at 34 percent is also because they have no legacy debt unlike core scientific and riot. clean balance sheet matters in mining
hashprice at 55 per PH/s while bitdeer does immersion cooling at the lowest cost quintile. miners without immersion are mining at a loss above 100k difficulty
890 EH/s on the 7-day SMA and difficulty actually dropped 3.34 percent. the weak miners are capitulating which is bullish for the survivors
Sven E. difficulty dropping 3.34pct while hashrate climbs means the network is actually resetting lower. next adjustment wipes out the weak miners who bought S19s at the top
337M in weekly block rewards and Bitdeer still leads at plus 34pct. immersion cooling is the only reason their margins work below 100k BTC
thorsten_k exactly. bitdeer stock did 34pct because they went all in on immersion. everyone else is just surviving until the next difficulty adjustment
55 per PH/s with difficulty dropping 3.34% is a temporary reprieve. next adjustment claws it all back unless BTC pushes above 105k
joule_tick_ difficulty dropping 3.34pct is a head fake. next adjustment pushes back up and the S19 fleet gets squeezed again. only immersion cooled rigs survive below 100k BTC