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Bitcoin mining profitability peaked at the end of 2025, as the hash rate fell below $35 per petahash per second, while production costs rose to $44.8 per petahash. This has led to miners entering payback periods of over 1,200 days and is driving a major shift in the industry, with 70% of the top mining companies now generating revenue from AI infrastructure.
November 2025 It marked a turning point in the global Bitcoin mining industry. Margin erosion, regulatory pressures and strategic changes have reshaped the sector. Here are the top five trends that happened this month.
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Profitability is at historic lows
rose The network’s hash rate reached a record high of 1.1 ZH/s in October, further intensifying the competition. At the same time, Bitcoin prices fell to around $81,000, crushing margins across the industry. Machine payback periods extended beyond 1,200 days.
MARA CEO Fred Thiel issued a stark warning about the future of the industry. After the fork in 2028 reduces block rewards to around 1.5 btc, most business models will collapse. Only miners with access to cheap energy or successful AI processing will survive, he said.
Financing costs continue to rise as traditional mining revenues decline. Even companies that turn to artificial intelligence still cannot compensate for the decline in Bitcoin’s income. The pressure is forcing urgent strategic decisions across the sector.
The trend towards artificial intelligence is accelerating
Seven of the ten largest mining companies now generate revenue from… artificial intelligence. AI host returns now exceed traditional mining returns by about 50% per megawatt. The transformation is reshaping the way we measure industry success.
Bitfarms has announced that it will stop mining Bitcoin entirely within two years. It will convert its facility in Washington state into an HPC data center by December 2026. CEO Ben Gagnon said potential returns could surpass all previous revenue from the mine.
IREN has secured a landmark $9.7 billion deal over five years for GPU cloud computing with Microsoft. The deal includes a 20% down payment. IREN will deploy NVIDIA GB300 GPUs in its Texas facilities starting in 2026.
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Hut 8 sold four natural gas power plants in Canada totaling 310 megawatts to TransAlta. The move is consistent with its strategic shift towards the direction of Bitcoin mining and high-performance computing infrastructure. CleanSpark aims to become a comprehensive computing platform serving both AI and BTC.
Massive capital restructuring
A wave of convertible bond issuance is sweeping the industry. picked up CleanSpark $1.15 billion at 0% interest. TeraWulf completed its $1.025 billion bid, also at zero percent.
Cipher Mining issued $1.4 billion in bonds at 7.125% interest. IREN plans to raise $2 billion through two separate convertible bond offerings. Bitfarms has completed a $588 million convertible debt issuance.
Crew commitments are also huge. IREN has signed a $5.8 billion deal with Dell to acquire NVIDIA GB300 graphics processing units. Cipher expanded its agreement with Fluidstack, with Google providing $1.73 billion in guarantees.
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Canaan received a strategic investment of $72 million from BH Digital, Galaxy Digital and Weiss Asset Management. These funds will support the development of high performance IT and energy infrastructure. The company aims to minimize future funding dilution.
Organizational polarization
Malaysia was discovered around 14,000 illegal mining operations During the last five years. The stolen electricity caused an estimated $1.1 billion in damage to state utility company TNB. A government task force was created in November to step up the crackdown.
Russia deploys artificial intelligence technology to combat illegal mining. State grid operator Rosseti integrates AI analysis into smart meters to detect energy changes. The latest seizure involved $1.5 million in stolen electricity.
But some governments embrace mining. Japan has launched its first government-linked project through a large regional utility company. Canaan will deploy water-cooled Avalon miners to balance network load before the end of the year.
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Belarusian President Lukashenko has stated that cryptocurrency mining is a national priority for the use of electricity. He suggested that digital currencies could serve as an alternative to dependence on the dollar. About 60% of Russian miners are unregistered, prompting talk of amnesty.
Strategic Bitcoin Accumulation
Mining managers hoard Bitcoin instead of selling it to the market. MARA owns 53,250 BTC, valued at about $5.6 billion. The company is second in the world in public reserves of Bitcoin.
CleanSpark reported a total of 13,054 BTC as of November 30. Monthly production reached 587 BTC in November alone – total annual mining production reached 7,124 BTC.
Cango held 6,412 BTC with an explicit commitment to hold it for the long term. Bitdeer increased its reserves to 2,233 BTC after mining 511 BTC in October. Canaan reached a record high of 1,610 BTC and 3,950 ETH.
A staking strategy indicates confidence in the long-term value of Bitcoin. Miners are betting that surviving the current profitability crisis will pay dividends. Those who continue to work through the pressure can come out as the biggest winners.
