📈 Hashrate Hits Record as Miner Revenues Stay Under Pressure

The July–August MinerMag update shows the mining sector hitting fresh milestones even as margins stay tight. Hashrate rebounded from summer curtailments to a record high, driving difficulty to an all-time 129T. Yet, revenues remain under pressure, with hashprice stuck below $60/PH/s and transaction fees falling under 1% of block rewards for the first time.

Public miners continued to consolidate their lead. MARA, IREN, CleanSpark, and Cango together mined over 19% of July’s block rewards, despite three of the four realizing less than 90% of their deployed hashrate. IREN stood out with the highest utilization rate, producing 728 BTC and leading the month in realized hashrate at 45.5 EH/s.

Second-tier miners also reported notable gains. Cipher Mining boosted realized hashrate 26% month-over-month after energizing its Black Pearl site in Texas. HIVE grew 17% on the back of its Paraguay operations, while Bitdeer lifted output by nearly 40% to 17.6 EH/s after deploying new SEALMINER rigs.

Meanwhile, tariffs are becoming a flashpoint. U.S. duties on mining rigs have surged, with disputes against Customs and Border Protection leaving major players like CleanSpark and IREN facing potential liabilities of hundreds of millions of dollars.

Stock market performance diverged sharply. Terawulf surged 50% as it pivoted deeper into high-performance computing, while traditional pure-play miners lagged behind, underscoring the growing pull of AI infrastructure.

🇪🇺 Bitcoin Heaters Show Europe How Mining Balances the Grid

European households are discovering Bitcoin mining in a surprising form: as home heaters. Companies like 21energy, founded by Austrian engineer Maximilian Obwexer, are building quiet, radiator-style miners that not only warm homes but also showcase Bitcoin’s role in balancing energy demand and supply.

Obwexer argues that Europe’s unstable grid, with costly imports, volatile renewables, and wasted surplus electricity, makes Bitcoin mining a natural fit. By converting excess energy into both heat and digital value, Bitcoin heaters reveal, in real time, how mining can act as a flexible load in modern power systems.

Many early adopters aren’t traditional Bitcoiners but climate-conscious homeowners with solar panels, who see the devices as a way to decarbonize heating while learning first-hand how mining integrates with energy flows. In Finland, the idea has expanded into district heating pilots, showing how Bitcoin can stabilize entire neighborhoods.

Obwexer’s team now plans mobile mining units to absorb surplus hydroelectric power and respond to grid pressure within seconds. This model makes Bitcoin heaters not just profitable gadgets, but educational entry points into how energy markets work, demonstrating that a “clean, rich, healthy society” depends on abundant and flexible power.

In Obwexer’s words: “Bitcoin heaters are decentralized grid balancing, at home.”

🗞️ In the News

• ⛏️ US Tariffs Hit Bitcoin Miners with $285m in Liabilities
  CleanSpark and IREN face $185m and $100m CBP disputes over rig origins as US tariffs climb to 57.6% on China-made machines. Hash price remains under $60/PH, squeezing revenues. Bitmain, Canaan, and MicroBT expand US presence to bypass tariffs, while Canaan shifts HQ to Singapore and ramps US investments.

• 📈 Google Becomes Largest Shareholder in TeraWulf with 14% Stake
  Google expanded its $3.2b backstop of TeraWulf’s 10-year AI hosting deal with Fluidstack, receiving warrants for 73m shares (14% stake). The move makes Google TeraWulf’s top shareholder, validating its zero-carbon infrastructure strategy. TeraWulf projects $6.7b–$16b in AI/HPC lease revenues while keeping its Bitcoin mining stable but not expanding. WULF stock surged 72% in five days.

• ⚡ Galaxy Secures $1.4b Loan to Expand Texas Helios AI Campus
  Galaxy Digital closed a $1.4b loan to fund 80% of construction for its Helios AI datacenter, adding $350m equity. Partner CoreWeave committed to 800MW capacity under a 15-year deal worth $1b annually ($15b total). Helios is set to reach 3.5GW at full buildout, leaving 2.7GW for other clients. The move marks Galaxy’s shift from Bitcoin mining infrastructure toward AI and HPC demand.

• 🐋 BitMine, Whale Scoop $882m in Ether Amid Institutional Surge
  BitMine Immersion Tech bought 106,485 ETH ($470.5m) via OTC desks, lifting its treasury to 1.3m ETH ($5.75b).

• 🇺🇸 American Bitcoin Eyes Asia Acquisitions to Grow Treasury
  Trump-linked American Bitcoin is exploring purchases of listed firms in Japan and Hong Kong to expand its BTC holdings.

• 🌱 Mint Secures $150M for 600MW Renewable Bitcoin & AI Hub
  Green Minting Technologies raised $150m from GEM Digital to build a $1.2b, 600MW off-grid wind + solar-powered Bitcoin mining and AI data center in Delaware. Plans include 50k Bitmain S23 Hydro rigs (32.7 EH/s) and 100MW of GPU capacity for AI. Mint will launch a $MINT token to fractionalize compute access, aiming to raise $400m via IEO.