Bitdeer Mining Insights



Bitcoin miners are enjoying a threefold profitability margin, even as network difficulty climbs. Glassnode’s Difficulty Regression Model estimates the cost of mining one BTC at $33,900, while Bitcoin’s price recently surged to $105,578 on Jan. 21. Despite these margins, growing competition is squeezing revenues. Current hashrates range between 700 and 900 EH/s, up from 600 EH/s a year ago, reflecting increased mining participation. Revenue per exahash now stands at $60,800, though miners’ cash flow per block halved in April 2024 due to the Bitcoin halving event, reducing rewards to 3.125 BTC per block.

Petrobras, Brazil's state-owned oil company, is investigating bitcoin mining as a complementary activity to reduce carbon emissions. Producing nearly 3 million barrels of crude daily, Petrobras aims to develop a sustainable business model that integrates mining into its operations. Marcelo Curi, blockchain architect at Petrobras, described the initiative as a groundbreaking R&D effort, leveraging blockchain and Web3 technologies to transition to a low-carbon economy. A multi-disciplinary team of climate, oil, and crypto experts will also explore tokenization and blockchain applications to enhance the company’s value chain.

Bitcoin’s mining difficulty rose by 0.61%, reaching 110.45 trillion, reflecting increased computational challenges. The network's hashrate dropped from a peak of 824 EH/s on Jan. 6, 2025, to 778 EH/s, signaling subdued mining activity. Leading the mining pools is Foundry USA, contributing 34.73% of the global hashrate (265 EH/s), followed by Antpool at 17.01% (130 EH/s) and Viabtc at 14.26% (109 EH/s). This rise in difficulty highlights the growing complexity of Bitcoin mining amid declining revenue in the industry.

Law enforcement in Thailand’s Chon Buri province seized nearly 1,000 bitcoin mining rigs on Jan. 8 from a company accused of stealing electricity. The company reportedly used modified meters to access power from the national grid, bypassing official systems. Investigators discovered the compound equipped with solar panels not connected to the mining rigs. The Provincial Electricity Authority estimated losses at $3.2 million (110 million baht), though some reports suggest higher figures. The operation followed an investigation into the company, which falsely claimed to trade digital currencies.

Blockchain hardware innovator Canaan (NASDAQ: CAN) has introduced the Avalon Mini 3 and Avalon Nano 3S, dual-purpose bitcoin mining devices that also function as home heaters, at CES 2025 in Las Vegas. The Avalon Mini 3 offers a hashrate of 37.5 TH/s and features an app-controlled interface, allowing users to mine bitcoin while heating their homes, providing a unique energy-efficient solution.