Bitcoin’s Hashrate Bounces Back: Miners Power Through Revenue Dip

Bitcoin’s network strength has made a notable recovery after a recent decline, with its hashrate climbing back up despite a drop in miner earnings. This resilience underscores the adaptability of the Bitcoin mining industry, even amid fluctuating revenue and increasing competition.

Earnings Drop, Hashrate Rises

After falling to 752 exahashes per second (EH/s) on February 25, 2025, Bitcoin’s hashrate has surged to 819.65 EH/s, marking a significant rebound in computational power. The network’s current hashrate is 67 EH/s higher than its previous low, showcasing an enduring push from miners despite market pressures.

Data from Hashrate Index reveals that while mining power has strengthened, miner earnings have seen a sharp decline. On February 25, the hashprice—the revenue miners earn per petahash per second (PH/s) of power daily—stood at $53.89 per PH/s. However, by March 17, 2025, that figure dropped to $46.87 per PH/s, representing a 13.03% decline in revenue for miners.

Mining Pools Continue Dominance

Despite the lower profitability, leading mining pools continue to dominate Bitcoin’s network:

• Foundry leads with 264 EH/s, maintaining its position as the largest mining pool.
• Antpool follows with 159 EH/s.
• Viabtc contributes 115 EH/s.

Collectively, these three pools account for 538 EH/s, which represents 65.63% of Bitcoin’s total hashrate. Their dominance highlights the growing trend of mining consolidation, where a handful of major players control a significant portion of the network’s processing power.

Difficulty Adjustments and Market Adaptability

Between February 25 and March 17, Bitcoin experienced two mining difficulty adjustments—a 3.15% decrease, followed by a 1.43% increase. These adjustments reflect the dynamic nature of Bitcoin’s Proof-of-Work (PoW) consensus mechanism, which continuously adapts to shifting hashrates and miner participation.

While the dip in earnings poses a challenge, Bitcoin’s hashrate rebound underscores miners’ ability to persevere through market fluctuations. With major mining pools maintaining strong control and difficulty adjustments keeping network security in check, Bitcoin’s mining industry continues to prove its resilience.