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Homepage > News > Business > Some block reward miners ditch AI for BTC; others ditch BTC for ETH Some prominent block reward miners are making major strategic transitions as they try to figure out how to turn an elusive profit from this sector. The BTC network’s hash rate has seen a double-digit decline since mid-June, hitting lows not seen since March (and still falling). Theories behind this decline range from Israel’s attacks on Iran—a country long rumored to have major mining operations—to the oppressive heatwave gripping the United States. The latter theory involves cost-conscious miners shutting down as electricity prices surge higher and/or local power grids paying miners to switch off their rigs so everyone else can switch on their air conditioning. As always, the answer may lie in a combination of factors, but BTC’s recent price resurgence—after slipping below $100,000 for the first time in over a month—is definitely a welcome development. The current cost to mine a single BTC (the full cost, including depreciation of mining rigs) was over $102,000 as of June 23. Also, riding to BTC’s rescue is an expected significant drop in the network difficulty level, which is adjusted every two weeks based on hash rate fluctuations. The next adjustment is scheduled for June 29, and current estimates expect a downward shift of up to 9%. That would be the biggest decline since China cracked down on domestic mining operators in 2021. However, competition remains fierce in finding the next block and collecting those rewards. On Tuesday, CleanSpark (NASDAQ: CLSK) announced that it had achieved its mid-year hash rate target of 50 EH/s. CleanSpark is just the second publicly traded miner to eclipse that barrier after MARA (NASDAQ: MARA) crossed that threshold last December. However, international rivals like Australia’s IREN (NASDAQ: IREN) and China’s Cango…

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Filed under: News - @ June 26, 2025 1:28 pm