$BTC In the first quarter of 2025, the Bitcoin mining industry faced several challenges due to the halving event and increased network difficulty.
This analysis will use data from publicly traded Bitcoin mining companies such as Cipher Mining, Riot Platforms, Core Scientific, Hut 8 Corp, TeraWulf, Bitfarms, and Cango to summarize, compare, and evaluate their financial performance, mining production, and development strategies.
Financial Performance
Bitcoin mining companies in the first quarter of 2025 showed significant disparities in financial performance.
Riot Platforms recorded the highest revenue of $161.4 million, primarily from Bitcoin mining ($142.9 million), producing 1,530 BTC. However, mining costs per unit rose to $43,808/BTC from $23,034/BTC year-over-year, reflecting the impact of the halving and increased network difficulty.
Core Scientific reported an impressive net profit of $581 million, significantly driven by non-cash valuation adjustments ($622 million). Revenue decreased by 55.7% to $79.525 million. Adjusted EBITDA was negative at $6.107 million.
Bitfarms saw a 33% increase in revenue to $67 million. However, gross profit margin decreased from 63% to 43%, with a net loss of $36 million. Cango generated revenue of $145.2 million, with $144.2 million from Bitcoin mining, producing 1,541 BTC at a high average cost of $70,602/BTC.
At the same time, Hut 8 Corp and TeraWulf faced significant challenges. Revenues fell by 58% ($21.8 million) and $34.4 million, respectively, along with substantial net losses ($134.3 million and $61.4 million).
Mining production and Bitcoin reserves
In terms of mining production, Cango led with 1,541 Bitcoin, followed by Riot Platforms (1,530 Bitcoin) and Bitfarms (1,166 Bitcoin). Cipher Mining mined 174 Bitcoin in April but sold 350 Bitcoin, reducing its holdings to 855 Bitcoin, of which 379 Bitcoin were pledged.
Riot Platforms held the largest Bitcoin reserve with 19,223 unencumbered Bitcoin, Bitfarms held 1,166 Bitcoin, and Cango maintained significant cash liquidity and short-term investments ($347.4 million).
Core Scientific did not disclose specific Bitcoin holdings but focused on expanding managed services with a 250 MW deal for CoreWeave. It is expected to generate $360 million in revenue by 2026.
The first quarter of 2025 was challenging for Bitcoin mining companies due to the Bitcoin halving and increased network difficulty. Riot Platforms and Cango led in production and revenue. However, high mining costs posed challenges. Core Scientific and Hut 8 are moving towards sectors like artificial intelligence to reduce reliance on mining. #MyCOSTrade #CircleIPO #BTC $BTC
