In the context of Bitcoin (BTC) prices continuing to run at high levels, the global Bitcoin mining industry is experiencing an unprecedented wave of expansion. Not only are existing mining companies increasing their investments to achieve a leap in computing power, but traditional enterprises and entities related to political figures are also crossing over into the field, with even national-level power companies beginning to explore mining. Meanwhile, Bitcoin mining output continues to reach new highs, demonstrating the overall vigorous development of the industry. This trend not only indicates a further enhancement of the Bitcoin network's security but also reflects the market's strong confidence in Bitcoin's long-term value.

Several publicly listed Bitcoin mining companies have announced impressive expansion data, and the competition for computing power in the industry has entered a heated stage:

Cango's computing power exceeds 50 EH/s: One of the largest mining companies globally, Cango, disclosed that it mined 450 BTC in June, bringing its total Bitcoin holdings to 3,879.2 BTC. More notably, Cango announced that it has completed the acquisition of 18 EH/s of Bitcoin computing power from Bitmain affiliate Antalpha, pushing its total computing power over 50 EH/s, making it the third publicly listed mining company to reach this scale after MARA (Marathon Digital) and CleanSpark.

IREN's computing power reaches 50 EH/s: According to The Block, publicly listed Bitcoin mining company IREN also announced that its self-operated Bitcoin computing power has reached 50 EH/s, accounting for about 6% of the total network computing power (842 EH/s), achieving its mid-year target. This computing power ranks fourth in the industry, following Marathon Digital (57.3 EH/s), CleanSpark (50 EH/s), and Riot Platforms (33.7 EH/s). IREN co-CEO Daniel Roberts stated that the company's Bitcoin mining cost in the second quarter was $41,000 per coin, benefiting from 15 J/TH energy-efficient equipment and renewable energy advantages, giving it strong resistance to volatility at the current Bitcoin price (approximately $106,542).

Hut 8 raises $220 million: According to Bitcoin News, Bitcoin mining company Hut 8 is raising $220 million in financing, which will be used to purchase Bitcoin and mining equipment, further expanding its mining scale.

The collective expansion of these mining companies not only reflects their optimistic expectations for future Bitcoin prices but also demonstrates the industry's pursuit of more efficient and lower-cost mining models. By deploying advanced mining machines on a large scale and optimizing energy structures, mining companies are striving to enhance their competitiveness in the market.

The appeal of the Bitcoin mining industry has transcended the traditional cryptocurrency circle, beginning to attract a broader range of participants:

NIP Group enters mining: On July 1, U.S. listed company NIP Group (NASDAQ: NIPG) announced its entry into the Bitcoin mining field. NIP Group has signed a final asset purchase agreement to acquire cryptocurrency mining machines from Fortune Peak Limited and Apex Cyber Capital Limited for Bitcoin mining and has established a dedicated digital computing department to manage operations. This marks the recognition and proactive layout of traditional enterprises in the value of crypto mining.

Trump family-associated enterprise enters the market: On July 1, Bloomberg reported that a cryptocurrency company associated with U.S. President Donald Trump's family, American Bitcoin, raised $220 million to purchase Bitcoin and digital asset mining equipment. Supporters of the company include Trump's son Eric Trump, with some shares even sold in Bitcoin form. This not only brings new funding to the mining industry but also indicates a growing interest from political forces in the cryptocurrency field.

South African state-owned power company explores mining: According to Bitcoin Magazine, South Africa's state-owned power company Eskom will explore entering the Bitcoin mining field. This indicates that as the mining industry matures and energy efficiency improves, some national-level entities are beginning to view it as a potential source of energy utilization and revenue.

The entry of these traditional enterprises and political forces not only brings new funding and resources to the Bitcoin mining industry but also further enhances its recognition in the mainstream business world.

Although Cango's mining output slightly decreased in June, overall, Bitcoin mining output remains high, reflecting the continuous growth of total network computing power. Notably, some mining companies are actively exploring diversified development, combining mining infrastructure with emerging technologies:

IREN's AI transformation strategy: While expanding its computing power, IREN is also advancing its AI transformation strategy. Its Texas mining site will build a 50MW liquid-cooled AI data center (Horizon 1), scheduled to be operational in the fourth quarter of 2025. The company adopts a GPU hosting model to serve AI clients and plans to issue $450 million in convertible preferred notes to support expansion. This "mining + AI data center" model not only enhances the utilization of mining site infrastructure but also brings new revenue growth points to mining companies, reducing the risks associated with a single mining business.

This trend of diversified development indicates that the Bitcoin mining industry is transitioning from pure "mining" to "digital infrastructure services," with its business model becoming richer and more robust.

In 2025, the Bitcoin mining industry is undergoing a profound transformation. The collective expansion of existing mining companies, the crossover entry of traditional enterprises and political forces, and the continuous new highs in mining output and computing power together paint a picture of a thriving industry. Particularly, the diversified development model of "mining + AI" brings new growth opportunities for mining companies. These dynamics not only enhance the security and decentralization of the Bitcoin network but also further solidify Bitcoin's position as a global digital asset. With more capital and innovative technologies pouring in, the Bitcoin mining industry is expected to continue maintaining strong growth momentum in the future.

Related: From cost pressure to layout breakthroughs: The evolutionary path of the Bitcoin (BTC) mining industry in 2025

Original text: “A New Era for Bitcoin (BTC) Mining: Miners Expand Collectively, Traditional Giants Enter, Hashrate Hits Record High”

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