Network Overview

This week Bitcoin experienced a mild recovery, although markets have remained mostly sideways. The recovery was not limited to the price, as most other indicators also recovered. Network hashrate increased this week, which will likely lead to a small difficulty increase of around 1% on the 23rd of March. Price recovery and a slight increase in transaction fees have also improved miners’ revenue, although the increase was not very significative due to the increased hashrate.

Trump’s trade war with Canada and China will have an effect on Bitcoin miners.

Tensions over tariffs on steel, aluminum, and electronics have triggered energy policy shifts in Canada, with Ontario initially threatening to cut off electricity exports to the United States. Bitfarms CEO Ben Gagnon says his firm is largely insulated due to its reliance on hydroelectric power in Quebec and British Columbia, but warned that long-term, uncertainties create hurdles for investment. He also called for deregulated access to electricity markets to support future mining growth.

Meanwhile, Trump’s sanctions on Chinese chipmaker Sophgo are already disrupting mining hardware imports into the U.S. Delays and increased customs costs of up to $500,000 per shipment are hitting American miners hard. Industry leaders say tariffs may make new hardware “completely cost-prohibitive,” though Bitmain is reportedly exploring U.S.-based manufacturing to ease pressure. As tariff-driven volatility continues, miners are investing in legacy industrial infrastructure in North America, betting on a manufacturing revival that could double as a mining boom.

Source: cointelegraph.com

Publicly listed Bitcoin miners are expected to continue increasing their share of the network

According to JPMorgan analysts. The shift is driven by a broader push toward vertical integration, with companies acquiring energy infrastructure and developing proprietary chips to reduce operational costs. MARA’s recent wind farm acquisition in Texas and Bitdeer’s gas-powered plant project in Canada are cited as examples. Bitdeer’s partnership with TSMC has further enabled the firm to replace outdated rigs and sell excess equipment.

JPMorgan also noted that while some miners have pursued horizontal integration—expanding into AI and HPC—many are now prioritizing energy independence and hardware control. Access to equity markets helped public miners grow through 2024, but with Bitcoin prices cooling, debt financing is becoming a more common lifeline. The analysts believe this combination of cost control and strategic investment will further consolidate hashrate dominance among listed miners throughout 2025.

Source: theblock.co

A Delaware court has granted a temporary restraining order to Bitcoin miner Consensus Colocation.

The order prevents its hosting provider Mawson Infrastructure Group from blocking access to 21,000 mining rigs at a Pennsylvania facility. The legal dispute stems from a payment disagreement, with Consensus accusing Mawson of commandeering the rigs on Feb. 28 and profiting from their hashrate while preventing access. Consensus claimed daily profits of $100,000 to $200,000 were being generated using their equipment, which they valued at $30 million.

Mawson contends that it was within its rights to redirect the hashrate based on unpaid hosting and electricity fees, citing their colocation agreement with Consensus and Stone Ridge Ventures signed in December 2023. However, the judge’s March 12 ruling bars Mawson from operating the rigs or denying digital and physical access until a preliminary injunction hearing.

Source: cointelegraph.com

The Arkansas Cryptomining Association has filed a lawsuit challenging state laws that restrict crypto mining by foreign-born U.S. citizens.

The complaint, filed on March 13 in the U.S. District Court for the Eastern District of Arkansas, targets Attorney General Tim Griffin and Arkansas Oil and Gas Commission director Lawrence Bengal. The suit argues that “Rule K” and “Act 174” allow arbitrary enforcement and discrimination, particularly against naturalized citizens like Qimin “Jimmy” Chen, a Chinese-born U.S. citizen barred from running his crypto mining firm, Jones Eagle LLC.

Association director Connor Kempton claims the laws violate the Equal Protection Clause and due process rights under the 14th Amendment, while also encroaching on the federal government’s exclusive authority to regulate foreign affairs. The lawsuit follows a December 2024 court decision that temporarily blocked the state from enforcing Act 174 against Jones Eagle. The association contends that these state-level rules threaten to chill investment and innovation by conflating national security with individual citizenship, and calls for their removal.

Source: cointelegraph.com

Bitcoin Miners Hold a Combined 101,000 BTC, but are also Burdened with $4.6 Billion in Debt.

Despite the large Bitcoin treasury, companies like Core Scientific, Hut 8, Riot, Cleanspark, and Marathon have experienced double-digit share price drops since January. The report shows how these firms are navigating a volatile environment, with falling hashprice and mounting liabilities.

Hashprice, a key profitability metric measuring daily revenue per PH/s, has fallen below $50 and recently hit $45, its lowest since January. As of March 15, it hovered at $47.85, marking an 11.84% drop over the past 30 days. This decline puts pressure on mining firms’ ability to service debt and remain profitable, especially those operating colocation models. With market conditions tightening, the report raises questions about how long some miners can balance aggressive BTC accumulation with heavy leverage.

Source: news.bitcoin.com

Hive Digital is moving full steam ahead with its expansion plans in Paraguay

Executive Chairman Frank Holmes shared the company’s ambitions during The Street’s Roundtable. A key element in these plans is Paraguay’s hydroelectric surplus, particularly from the Itaipu Dam. Hive sees the country as a cornerstone for growth, with Holmes comparing the expansion to “having triplets over the next nine months” as operations scale rapidly.

Paraguay’s government also stands to benefit. Instead of exporting surplus power to Brazil at low rates, it can now sell electricity to Bitcoin miners like Hive for U.S. dollars. Holmes emphasized this mutually beneficial setup, noting that miners help build out local infrastructure.

Source: news.bitcoin.com

Thailand’s Central Investigation Bureau has seized 63 illegal crypto mining rigs

The machines were hidden across three abandoned houses in Pathum Thani province. The operation, discovered after locals complained about electricity theft, caused over $327,000 in losses to the Metropolitan Electricity Authority. Authorities confiscated mining controllers, modified electricity meters, networking equipment, and computers. No suspects were arrested, as the rigs were being operated remotely.

Investigators found links between the operation and a luxury home in Bangkok’s Khan Na Yao district, prompting a request for a search warrant. Officials warned the setup posed a serious fire risk due to its unmonitored high-power consumption. Illegal crypto mining remains a recurring issue in Thailand, with similar large-scale operations uncovered in recent months, including a 996 rig seizure in January and nine illegal farms shut down in November 2024.

Source: cryptoslate.com

M2, a crypto exchange based in Abu Dhabi, has partnered with NiceHash to launch Bitcoin-backed lending solutions aimed at miners.

The initiative enables miners to access Tether (USDT) loans using BTC as collateral, helping them scale operations, manage expenses, and retain their Bitcoin holdings. M2 emphasized that this collaboration offers more flexibility than traditional financing options, with features like adjustable repayment terms and the possibility of repaying with a portion of their hashrate.

NiceHash, known for its hashrate marketplace, confirmed it is providing the technology behind M2’s new lending platform. Both companies believe this offering fills a critical gap in the mining sector, particularly as market volatility and operational costs place pressure on liquidity. The move reflects a broader industry shift toward providing additional financial tools tailored specifically for miners.

Source: crypto.news

Speculation is swirling around claims that the U.S. Department of Defense (DoD) may be secretly mining Bitcoin.


Rumors are intensifying that the U.S. Department of Defense may be preparing to mine Bitcoin, following President Trump’s establishment of a Strategic Bitcoin Reserve. The conversation took off after cryptic social media posts by Byte Federal executive Michelle Weekley and an employee at the same company. Their comments were amplified by Bitcoin advocates like Michael Saylor, Jason Lowery, and David Bailey, who hinted at undisclosed federal interest in crypto mining. Though no evidence has been presented, the speculation aligns with Lowery’s “Softwar” doctrine, which frames Bitcoin’s proof-of-work as a form of strategic power projection and national defense.

President Trump has expressed strong support for U.S.-based Bitcoin mining, calling it a cornerstone of energy dominance and economic security. Still, the Strategic Bitcoin Reserve and Digital Asset Stockpile announced earlier this month do not include mining operations. Some industry observers suggest covert activity may already be underway, potentially involving agencies like the CIA or NSA. If the DoD were to officially embrace mining, it could redefine digital infrastructure as a tool of cyber-defense. For now, however, there is no official confirmation, and the theory remains speculative.

Source: protos.com
Source: bitcoin.com

U.S.-listed Bitcoin miners have reached a record 30% share of the global network hashrate

This milestone represents a significant increase from just 14.8% in early 2022 and 24.4% at the end of 2022. Analysts trace this growth to the strategic expansion efforts made by public mining firms, especially around the 2020 halving and into 2024. The rapid increase reflects both aggressive infrastructure investment and a shift in hashrate concentration toward North America.

While the dominance of U.S. miners may enhance Bitcoin’s overall network security, it also presents new concerns around centralization. A third of the network under the influence of U.S.-based, often publicly traded entities raises questions about regulatory exposure, political influence, and the erosion of Bitcoin’s decentralized ethos. If the trend continues, the mining landscape may become increasingly consolidated—potentially undermining the distributed governance model that has long defined Bitcoin.

Source: cryptonewsland.com

Foundry USA, Antpool, and ViaBTC now control more than 65% of Bitcoin’s global hashrate

As of March 2025, Foundry leads with 246 EH/s, followed by Antpool at 173 EH/s and ViaBTC at 111 EH/s. Their success is attributed to competitive payout models, strong security frameworks, and access to advanced infrastructure. Institutional miners such as Bitfarms, Hut 8, and Cipher are believed to contribute to Foundry’s dominance, while Antpool uses its Bitmain affiliation and ViaBTC focuses on profitability through its proprietary PPS+ model and financial tools.

While large pools offer miners stable returns and operational support, their growing dominance poses a challenge to Bitcoin’s decentralization ethos. Centralization increases the risk of network influence or censorship by a handful of powerful entities. The trend continues as economic incentives favor joining larger pools, despite longstanding philosophical concerns. Without changes in incentives or innovation from smaller players, the consolidation of hashrate under just a few names may intensify in the months ahead.

Source: bitcoin.com

Bitcoin miners are under pressure again as hashprice declines and transaction fees hit multi-year lows.

According to TheMinerMag’s February 2025 report, hashprice fell to $45/PH/s, erasing post-election gains. Meanwhile fees accounted for just 1.3% of block rewards, the lowest level since October 2022. March is trending even lower at 1.12%. The network hashrate rose 3.8% to 810 EH/s, reflecting a slowdown in mining competition, but rising energy costs and minimal fee income are reducing margins across the board.

The market cap of 15 major mining stocks fell by $14 billion between January and March, dropping to $22 billion as names like Cipher, Canaan, Hut 8, HIVE, and Bitdeer saw losses over 40%. Even as top miners like MARA and CleanSpark expanded their hashrates to 44 EH/s and 39 EH/s respectively, the broader sector is struggling. With over 100,000 BTC now held by miners and some firms selling production to stay afloat, the industry may need a significant price rally to regain footing.

Source: coindesk.com