Source: Cointelegraph Original: "{title}"

Bitcoin mining revenue reached $3.7 billion in the fourth quarter of 2024, a 42% increase from the previous quarter, and approached $3.6 billion in the first quarter of 2025, according to Coin Metrics.

This revenue growth indicates that miners' income is stabilizing following the Bitcoin network's "halving" in April 2024. This halving event reduced the mining reward from 6.25 BTC per block to 3.125 BTC. The Bitcoin halving mechanism occurs every four years, halving the mining reward each time.

"Nearly a year has passed since Bitcoin's fourth halving, and miners have gone through an adjustment period to cope with reduced block rewards, tightening profit margins, and changing operational dynamics," Coin Metrics stated in its special report on first-quarter 2025 data.

Ben Yorke, Vice President of Ecosystem at WOO X (a Web3 startup), told Cointelegraph that this recovery could be interrupted if ongoing trade wars disrupt miners' business models.

"If semiconductor tariffs are reinstated, Bitcoin mining could face higher costs, which would allow major players to dominate and force smaller mines to shut down," Yorke said.

Bitcoin mining revenue since 2022. Source: Coin Metrics

Bitcoin miners face challenges in 2025 as falling cryptocurrency prices further pressure their business models, already strained by the network's halving in April. According to a research report provided to Cointelegraph by JPMorgan on March 3, miners are struggling to adapt to the new market environment.

However, well-funded miners have successfully adjusted their strategies. Data from Coin Metrics shows that Bitcoin's hash rate—the total computational power used to secure the network—hit an all-time high in January, a trend also confirmed by CoinWarz data.

Common adjustments include "upgrading to more energy-efficient ASIC miners, [and] relocating to areas with lower energy costs and abundant renewable energy," such as Africa and Latin America. ASIC miners are specialized computing hardware designed specifically for Bitcoin mining.

Additionally, the report noted, "miners are also diversifying into AI data center hosting businesses to expand revenue sources and repurpose existing infrastructure for high-performance computing." For example, Bitcoin mining company Core Scientific has committed to providing 200 megawatts of hardware capacity to support CoreWeave's AI computing needs.

The supply of long-held Bitcoin has increased over time. Source: Coin Metrics

According to Coin Metrics, increased transaction activity on the Bitcoin network will help maintain miners' economic incentives post-halving. The report stated: "Over time, an increase in higher-value or more time-sensitive transaction participation may drive stronger fee revenue, thereby supporting miners' incentive mechanisms in the face of reduced block rewards."

However, currently, "transactions with amounts below $100 account for about 60% of the total number of Bitcoin transactions," Coin Metrics said. This is partly due to holders increasingly viewing Bitcoin as a buy-and-hold asset rather than a tool for everyday payments.

The report also noted: "The velocity of Bitcoin's supply—the ratio of adjusted transfer transaction volume to current supply (i.e., Bitcoin's turnover rate)—has declined over time, further reinforcing the trend of BTC being held more than used for transactions."

Related: Mt. Gox's third significant Bitcoin transfer operation this month, amounting to $1 billion.

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