Network Overview

The first week of 2025 has come with good developments for Bitcoin miners. Hashrate and difficulty continued to climb, but prices did as well and quite substantially, regaining the $100,000 level. This alone was enough to boost miner revenue. However, network usage has been pretty timid despite the intense price action. As a consequence, transaction fees have remained low, taking away an important source of revenue. In the following weeks, if transaction volume catches up to the price, fees could grow again and miner revenue would benefit from the compounded effect of rising fees and rising Bitcoin prices.

Foundry USA Pool Refunds 8.18 BTC Transaction Fee After User Error

Foundry USA Pool, the largest Bitcoin mining pool by hash rate (273.6 EH/s), recently refunded an excess transaction fee of 8.18 BTC (approximately $777,000) that had been mistakenly overpaid. The error occurred on December 19, during the mining of block 875475, when a fee 91,127 times higher than necessary was attached to a transaction.

Foundry reached out to the sender and issued the refund without affecting regular customer payouts. The mining pool clarified that its payout system excludes the three highest and lowest transaction fees daily to prevent disruptions. This marks the second major fee refund within recent months, following Antpool’s $3 million transaction fee reimbursement in late 2023.

Foundry, which controls nearly 38% of the mining pool market share, made this decision after careful deliberation and pledged to handle similar cases individually moving forward. Despite its dominance, Foundry recently laid off 60% of its workforce as part of a strategic realignment. Mining pool operations, however, remain unaffected.
Source: Cryptopotato

BRICS Targets Dollar-Free Systems Under Brazil’s 2025 Leadership

The BRICS coalition is set to prioritize the development of alternative payment systems and reduce reliance on the U.S. dollar in 2025. With Brazil at the helm, the group aims to facilitate trade in local currencies and empower the Global South in global governance. Brazilian President Luiz Inacio Lula da Silva plans to advance financial mechanisms that bypass traditional Western-dominated systems, a continuation of initiatives from Russia’s 2024 presidency.

Dmitry Suslov, deputy director at Russia’s Center for Comprehensive European and International Studies, emphasized that the focus will be on deepening partnerships with countries like Belarus, Indonesia, and Malaysia rather than immediate expansion. The upcoming BRICS summit in July will further the agenda of financial sovereignty and economic cooperation, reinforcing Brazil’s leadership in promoting a dollar-independent trade ecosystem.
Source: Bitcoin.com

US Secures Over 40% of Global Bitcoin Hashrate in 2024

The United States ended 2024 with a commanding presence in Bitcoin mining, accounting for over 40% of the global Bitcoin hashrate. Foundry USA emerged as the largest mining pool, growing its hashrate to 280 EH/s and securing 36.5% of the Bitcoin network’s total power. MARA Pool also made significant strides, contributing 4.35% of the global hash power with 32 EH/s.

Despite this dominance, China-based mining pools still lead the global hashrate share, circumventing the 2021 mining ban through VPNs and peer-to-peer tools. Concerns about centralization continue to grow, with industry leaders warning that excessive reliance on specific jurisdictions or mining pools could undermine Bitcoin’s decentralized ethos.
Source: Cointelegraph

HIVE Digital Technologies Relocates Headquarters from Vancouver to Texas

HIVE Digital Technologies, a prominent publicly listed Bitcoin miner, announced its decision to relocate its headquarters from Vancouver, Canada, to San Antonio, Texas. This move is due to the prevalent optimism about the U.S. cryptocurrency landscape under the incoming Trump administration, which has indicated a more favorable stance toward digital asset innovation. Alongside the relocation, HIVE will transition to U.S. GAAP reporting by March 2025, aiming to enhance financial transparency and expand its market presence.

Texas, known for its energy-rich infrastructure and business-friendly environment, offers HIVE the resources needed to scale operations and attract U.S.-based investors. Executive Chairman Frank Holmes praised the unparalleled liquidity and valuation opportunities in U.S. capital markets, while CFO Darcy Daubaras emphasized the alignment with HIVE’s goals of operational efficiency and global expansion.

Source: Finance Magnates

Chechnya to Treat Crypto Miners as Terrorists Under New 2025 Ban

State Duma lawmaker Adam Delimkhanov announced that starting January 1, 2025, cryptocurrency mining in Chechnya will be equated with terrorism. Delimkhanov, cited Chechen Head of State Ramzan Kadyrov, who warned that miners found operating in the region will face severe punishment. The crackdown follows the Russian government’s broader ban on crypto mining in regions suffering energy shortages, including Dagestan and the Donetsk and Lugansk People’s Republics.

Authorities argue that the high energy demands of mining disrupt electricity stability and harm daily life. Delimkhanov stressed that crypto miners causing power shortages in districts, villages, or cities would face swift action, including imprisonment. The new measures come as part of Russia’s stricter stance on cryptocurrency, which was reinforced by recent legislation granting lawmakers the authority to regulate crypto mining and advertising.

Source: Crypto News

Top Bitcoin Mining Machines for 2025: Antminer S21 Pro Leads the Pack

The Antminer S21 Pro has been crowned the most competitive Bitcoin mining machine for 2025, according to the Hashrate Index. Launched in March 2024, it boasts a hashrate of 234 TH/s, power efficiency of 15 J/TH, and power consumption of 3,510 watts.

Other notable machines in the top rankings include the Bitdeer Sealminer A2, Whatsminer M60S, Antminer S19j Pro, and Whatsminer M30S++. The list also contains other options like the Avalon A1566 and immersion-cooling models such as the Whatsminer M66S Immersion and Avalon A1566 Immersion.

Source: CoinCu

Ethiopia’s Bitcoin Mining Boom Highlights Green Energy Potential and African Innovation

In 2024, Ethiopia cemented its position as a global Bitcoin mining powerhouse, generating $1 billion in profits from operations fueled by the Grand Ethiopian Renaissance Dam (GERD). This massive hydroelectric plant, one of the world’s largest, provides cheap, renewable energy at $0.032/kWh, making Ethiopia the first African country to establish a state-backed large-scale Bitcoin mining operation. The sector now accounts for 18% of Ethiopia’s annual income, with Ethiopian Electric Power (EEP) partnering with 25 private mining firms to generate $55 million in revenue, a figure projected to grow to $123 million in 2025.

Ethiopia contributed 2.25% of the global Bitcoin hash rate in 2024, trailing only major mining hubs like the U.S. Its success has been driven by mid-generation mining devices such as Bitmain’s S19J Pro and Canaan’s A1346, which optimize efficiency and costs. The profits have supported GERD infrastructure maintenance and positioned Ethiopia as a leader in green mining. The country’s advancements demonstrate how renewable energy can drive innovation and economic development.

Ethiopia’s achievements are inspiring similar efforts across Africa. The Democratic Republic of Congo is developing clean mining in Virunga National Park, while initiatives like Gridless and Trojan Mining are expanding grassroots eco-friendly mining. Meanwhile, the growing African fintech sector is transforming unbanked populations with digital solutions, complementing the rise of cryptocurrency as a significant economic driver. Looking forward, Ethiopia aims to contribute 1 GW of energy to the Bitcoin network. Success depends on continued government support, stable energy infrastructure, and transparent regulatory frameworks.

Sources:
Crypto.news
Bitcoin Magazine

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