Bitcoin Mining Report: August/September 2025

Bitcoin’s 14-day average hash rate exceeded 1 ZH/s for the first time, setting a historic milestone in 15 years. Despite this achievement, miners' economic benefits remain under pressure as the hash rate falls below $55/PH/s and the handling fee drops below 0.8% of the reward. Small miners such as Bit Deer, HIVE and Cipher have expanded their production capacity, while large miners have suspended capacity expansion. Due to the reduction in orders, mining machine manufacturers are currently deploying mining machines themselves. Mining stocks rose sharply, with Cipher, Terawulf and IREN all rose sharply, outperforming Bitcoin's 3.2% gain.