🏃Mining difficulty rebounds +15%, competition returns
After an 11% drop — the sharpest since 2021 — Bitcoin mining difficulty has now increased to 144.4T
That earlier decline was driven by a ~20% drop in hash rate. For many operations, the average cost to mine one BTC exceeded $80,000. With weaker margins and high energy costs, inefficient farms switched off. Severe winter storms in the US added further pressure and temporarily pushed hash rate even lower.
As power was restored and machines came back online, hash rate recovered. Because Bitcoin adjusts difficulty every 2,016 blocks to maintain ~10-minute block times, the network responded with a sharp upward correction.
The US now accounts for more than one-third of global hash rate. The network remains strong. But higher difficulty means more computational effort per block. Margins tighten. Competition increases.
💡If competition grows, efficiency must grow faster
👉Upgrade with Vnish
After an 11% drop — the sharpest since 2021 — Bitcoin mining difficulty has now increased to 144.4T
That earlier decline was driven by a ~20% drop in hash rate. For many operations, the average cost to mine one BTC exceeded $80,000. With weaker margins and high energy costs, inefficient farms switched off. Severe winter storms in the US added further pressure and temporarily pushed hash rate even lower.
As power was restored and machines came back online, hash rate recovered. Because Bitcoin adjusts difficulty every 2,016 blocks to maintain ~10-minute block times, the network responded with a sharp upward correction.
The US now accounts for more than one-third of global hash rate. The network remains strong. But higher difficulty means more computational effort per block. Margins tighten. Competition increases.
💡If competition grows, efficiency must grow faster
👉Upgrade with Vnish
❗️Global hashrate stabilizes after sharp drawdown
The network has moved past the recent ~20% contraction and is now stabilizing as capacity comes back online. Any temporary relief from reduced competition has already disappeared.
The U.S. has surpassed 400 EH/s, controlling more than one-third of global hash rate. Ethiopia recorded +129% growth, rapidly increasing its presence. China, despite shedding roughly 20 EH/s, still holds 3rd place.
At the same time, hashprice continues to compress with Bitcoin hovering near $65K
Liquidity strain is no longer theoretical. A major public miner recently liquidated its entire BTC treasury — including long-held reserves. Moves like that are not routine. They reflect margin stress.
This cycle is separating operators into two groups:
• Those reacting to difficulty
• Those engineering around it
⚠️When difficulty rises and hashprice declines, optimization becomes the only controllable variable
👉Upgrade with Vnish
The network has moved past the recent ~20% contraction and is now stabilizing as capacity comes back online. Any temporary relief from reduced competition has already disappeared.
The U.S. has surpassed 400 EH/s, controlling more than one-third of global hash rate. Ethiopia recorded +129% growth, rapidly increasing its presence. China, despite shedding roughly 20 EH/s, still holds 3rd place.
At the same time, hashprice continues to compress with Bitcoin hovering near $65K
Liquidity strain is no longer theoretical. A major public miner recently liquidated its entire BTC treasury — including long-held reserves. Moves like that are not routine. They reflect margin stress.
This cycle is separating operators into two groups:
• Those reacting to difficulty
• Those engineering around it
⚠️When difficulty rises and hashprice declines, optimization becomes the only controllable variable
👉Upgrade with Vnish
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🙈When holding Bitcoin stops being the default
A recent move by a major public miner has reignited a simple but uncomfortable question: in today’s market, can miners still afford to hold?
With margins tightening and network difficulty staying high, treasury strategy is no longer just about long-term belief in Bitcoin. It’s about operational strength.
📣We’ve prepared a short expert video breaking this down
In it, we analyze what this shift really signals, and why a 5–10% performance gap can quietly determine who keeps accumulating — and who is forced to prioritize cash flow.
☝️If you’re mining in this cycle, this conversation matters
💡Upgrade with Vnish
A recent move by a major public miner has reignited a simple but uncomfortable question: in today’s market, can miners still afford to hold?
With margins tightening and network difficulty staying high, treasury strategy is no longer just about long-term belief in Bitcoin. It’s about operational strength.
📣We’ve prepared a short expert video breaking this down
In it, we analyze what this shift really signals, and why a 5–10% performance gap can quietly determine who keeps accumulating — and who is forced to prioritize cash flow.
☝️If you’re mining in this cycle, this conversation matters
💡Upgrade with Vnish
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📌 How to work with Vnish Toolkit: A practical walkthrough
Vnish Toolkit isn’t just a settings panel. It’s the control layer where all your firmware data comes together.
• This is where performance is managed • Where stability is maintained • Where optimization actually happens
We recorded a full interface screencast and built a clear, practical guide to Toolkit: • how to navigate it correctly • how to leverage its features to optimize operations
Less guesswork. More precision.
If you’re running Vnish at scale, this walkthrough deserves your attention
👉 Upgrade with Vnish
Vnish Toolkit isn’t just a settings panel. It’s the control layer where all your firmware data comes together.
• This is where performance is managed • Where stability is maintained • Where optimization actually happens
We recorded a full interface screencast and built a clear, practical guide to Toolkit: • how to navigate it correctly • how to leverage its features to optimize operations
Less guesswork. More precision.
If you’re running Vnish at scale, this walkthrough deserves your attention
👉 Upgrade with Vnish
🧐Your margin isn’t fixed. Your efficiency is.
Rising difficulty means more work per block. Compressed hashprice means less revenue per terahash.
In this environment, performance gaps compound fast. Unoptimized ASICs don’t just underperform —
they drain profit every hour.
Run Vnish on 100+ ASICs. 1 month. Zero fees. Real performance uplift. Measure it. Compare it. Decide.
Join in:
💬 Comment #VnishStart
🌐 vnish.com → Become a client
👋 New users only
⚡️Protect your profits with Vnish
Rising difficulty means more work per block. Compressed hashprice means less revenue per terahash.
In this environment, performance gaps compound fast. Unoptimized ASICs don’t just underperform —
they drain profit every hour.
Run Vnish on 100+ ASICs. 1 month. Zero fees. Real performance uplift. Measure it. Compare it. Decide.
Join in:
💬 Comment #VnishStart
🌐 vnish.com → Become a client
👋 New users only
⚡️Protect your profits with Vnish
🗿$33B in 12 Months: How miners are financing the AI pivot
Over the past year, bitcoin mining companies issued more than $33B in long-term bonds.
💰That capital is expensive
• CoreWeave raised $2B at 9.25% and $1.75B at 9% • Applied Digital issued $2.35B at 9.25% • TeraWulf placed $3.2B at 7.75% • Cipher Mining issued debt above 6%
At the same time, regulated utilities borrow around 4–5%. The market clearly assigns a different risk premium to AI-driven expansion.
⚠️It all comes down to whether AI demand holds
If data centers deliver stable long-term cash flow, high-cost debt can be refinanced and infrastructure values may rise.
If growth slows, 7–9% debt stays fixed while revenue does not. For miners with cyclical margins, that pressure escalates quickly.
Bitcoin-focused operators improving fleet efficiency carry less financial risk. When revenue grows, they keep more of it.
💡Efficiency compounds. Expensive leverage does not
👉Upgrade with Vnish
Over the past year, bitcoin mining companies issued more than $33B in long-term bonds.
💰That capital is expensive
• CoreWeave raised $2B at 9.25% and $1.75B at 9% • Applied Digital issued $2.35B at 9.25% • TeraWulf placed $3.2B at 7.75% • Cipher Mining issued debt above 6%
At the same time, regulated utilities borrow around 4–5%. The market clearly assigns a different risk premium to AI-driven expansion.
⚠️It all comes down to whether AI demand holds
If data centers deliver stable long-term cash flow, high-cost debt can be refinanced and infrastructure values may rise.
If growth slows, 7–9% debt stays fixed while revenue does not. For miners with cyclical margins, that pressure escalates quickly.
Bitcoin-focused operators improving fleet efficiency carry less financial risk. When revenue grows, they keep more of it.
💡Efficiency compounds. Expensive leverage does not
👉Upgrade with Vnish
📉 Bitcoin just closed its third-worst February ever
February is over. And it was brutal
BTC dropped almost 15% in one month. Only 2014 (-31%) and 2025 (-17.4%) were worse. It’s just the fourth red February since 2013. Year-to-date, Bitcoin is still down nearly 23%. The weakest Q1 since 2018 is now in play.
This week, the pressure continued. Price kept sliding and touched $63K
Then geopolitics changed the mood. After the U.S. and Israel launched air strikes on Iran, Bitcoin reacted fast. It jumped nearly $5K in hours, briefly touching $68K, before cooling back near $66K.
157,000 traders were liquidated, $657M erased in 24 hours. That’s Bitcoin. Fast. Unforgiving.
☝️Miners don’t control headlines. They control efficiency
👉Upgrade with Vnish
February is over. And it was brutal
BTC dropped almost 15% in one month. Only 2014 (-31%) and 2025 (-17.4%) were worse. It’s just the fourth red February since 2013. Year-to-date, Bitcoin is still down nearly 23%. The weakest Q1 since 2018 is now in play.
This week, the pressure continued. Price kept sliding and touched $63K
Then geopolitics changed the mood. After the U.S. and Israel launched air strikes on Iran, Bitcoin reacted fast. It jumped nearly $5K in hours, briefly touching $68K, before cooling back near $66K.
157,000 traders were liquidated, $657M erased in 24 hours. That’s Bitcoin. Fast. Unforgiving.
☝️Miners don’t control headlines. They control efficiency
👉Upgrade with Vnish
👨💻AI Pivot: We brought the full picture together
Over the past weeks, we’ve been breaking down the risks behind miners shifting into AI — falling hashprice, rising difficulty, 7–9% debt, 30 GW “pipelines,” treasury liquidations
Now we’ve consolidated all of it into one structured LinkedIn analysis
In this article, we connect the February market events chronologically and show how margin pressure is pushing miners toward AI — and what financial and structural risks sit beneath that decision.
👉If you want the complete, data-driven view in one place, the full analysis is now live on our LinkedIn
💡Upgrade with Vnish
Over the past weeks, we’ve been breaking down the risks behind miners shifting into AI — falling hashprice, rising difficulty, 7–9% debt, 30 GW “pipelines,” treasury liquidations
Now we’ve consolidated all of it into one structured LinkedIn analysis
In this article, we connect the February market events chronologically and show how margin pressure is pushing miners toward AI — and what financial and structural risks sit beneath that decision.
👉If you want the complete, data-driven view in one place, the full analysis is now live on our LinkedIn
💡Upgrade with Vnish
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📊Are you tracking your Bitcoin mining performance correctly?
Hashrate. Temperature. Power consumption. Efficiency. Pool data
All of it is available inside the Vnish firmware interface — but using it correctly is what makes the difference.
We recorded a short screen guide showing how to navigate the dashboard, adjust time intervals (hour, 12 hours, 24 hours), and analyze detailed operational data to make informed decisions.
💡If you want clearer visibility into your fleet and tighter performance control, this walkthrough is for you.
👉Upgrade with Vnish
Hashrate. Temperature. Power consumption. Efficiency. Pool data
All of it is available inside the Vnish firmware interface — but using it correctly is what makes the difference.
We recorded a short screen guide showing how to navigate the dashboard, adjust time intervals (hour, 12 hours, 24 hours), and analyze detailed operational data to make informed decisions.
💡If you want clearer visibility into your fleet and tighter performance control, this walkthrough is for you.
👉Upgrade with Vnish
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💸Bitcoin miners are selling their treasuries
A growing number of large mining companies are no longer just selling part of their block rewards. They’re liquidating entire Bitcoin reserves — thousands of BTC.
We prepared a new video where we break down the latest figures, the scale of these sales, and what this pattern signals for the mining industry. Concrete numbers. Clear context. No noise.
• How much Bitcoin have major public miners already sold?
• Why are reserves built over years now being monetized?
• And what does this trend reveal about the real pressure inside the industry?
👉Watch the full breakdown in our latest video
💡Upgrade with Vnish
A growing number of large mining companies are no longer just selling part of their block rewards. They’re liquidating entire Bitcoin reserves — thousands of BTC.
We prepared a new video where we break down the latest figures, the scale of these sales, and what this pattern signals for the mining industry. Concrete numbers. Clear context. No noise.
• How much Bitcoin have major public miners already sold?
• Why are reserves built over years now being monetized?
• And what does this trend reveal about the real pressure inside the industry?
👉Watch the full breakdown in our latest video
💡Upgrade with Vnish
📌Case Study: Firmware optimization in a 160-miner fleet
A mid-scale Bitcoin mining operator tested Vnish firmware across a 160-machine fleet to measure real performance impact versus stock firmware.
The deployment covered four common ASIC models.
Results
• S19 XP:
141 → 164 TH/s (+16%)
Efficiency: 21.77 → 22.56 J/TH
• S19k Pro:
120 → 149 TH/s (+24%)
Efficiency: 23.96 → 25.03 J/TH
• S21:
200 → 228 TH/s (+14%)
Efficiency: 18.59 → 18.68 J/TH
• T21:
192 → 221 TH/s (+15%)
Efficiency: 19.27 → 18.48 J/TH
What changed
Instead of running factory presets, the firmware dynamically adjusts chip frequency and voltage to reach stable chip-level performance targets.
The result: higher hashrate with controlled power behavior across the fleet.
Bottom line
When hashprice compresses, hardware upgrades are not always the fastest lever.
Sometimes the biggest gains come from unlocking the full capability of machines already deployed.
👉 Upgrade with Vnish
A mid-scale Bitcoin mining operator tested Vnish firmware across a 160-machine fleet to measure real performance impact versus stock firmware.
The deployment covered four common ASIC models.
Results
• S19 XP:
141 → 164 TH/s (+16%)
Efficiency: 21.77 → 22.56 J/TH
• S19k Pro:
120 → 149 TH/s (+24%)
Efficiency: 23.96 → 25.03 J/TH
• S21:
200 → 228 TH/s (+14%)
Efficiency: 18.59 → 18.68 J/TH
• T21:
192 → 221 TH/s (+15%)
Efficiency: 19.27 → 18.48 J/TH
What changed
Instead of running factory presets, the firmware dynamically adjusts chip frequency and voltage to reach stable chip-level performance targets.
The result: higher hashrate with controlled power behavior across the fleet.
Bottom line
When hashprice compresses, hardware upgrades are not always the fastest lever.
Sometimes the biggest gains come from unlocking the full capability of machines already deployed.
👉 Upgrade with Vnish
🎉 Giveaway winner announced
We’ve shared the results of our Vnish giveaway on X and revealed the winner💰
👉Check the post here [link]
Thank you for choosing Vnish🤝
💡Optimize your mining
We’ve shared the results of our Vnish giveaway on X and revealed the winner💰
👉Check the post here [link]
Thank you for choosing Vnish🤝
💡Optimize your mining
🚨 Miner Bitcoin sales are turning into a trend
Selling BTC used to be rare for miners. Now it’s spreading across the industry
Public mining companies have sold 15,000+ BTC in the last 5 months. And the pace is rising.
Riot sold 4× its monthly production in December.
Cango offloaded 4,451 BTC in February — about 60% of its treasury.
Core Scientific plans to sell 2,500 BTC in Q1 and already sold 1,900 BTC in January.
Why is this happening?
Since October, hashprice dropped below $30/PH/s.
For many public miners, that’s below their cash hashcost. In simple words: margins vanished.
Even MARA, famous for its aggressive HODL strategy, has now loosened its treasury rules.
💡When efficiency rises, pressure to sell Bitcoin falls
👉 Upgrade with Vnish
Selling BTC used to be rare for miners. Now it’s spreading across the industry
Public mining companies have sold 15,000+ BTC in the last 5 months. And the pace is rising.
Riot sold 4× its monthly production in December.
Cango offloaded 4,451 BTC in February — about 60% of its treasury.
Core Scientific plans to sell 2,500 BTC in Q1 and already sold 1,900 BTC in January.
Why is this happening?
Since October, hashprice dropped below $30/PH/s.
For many public miners, that’s below their cash hashcost. In simple words: margins vanished.
Even MARA, famous for its aggressive HODL strategy, has now loosened its treasury rules.
💡When efficiency rises, pressure to sell Bitcoin falls
👉 Upgrade with Vnish
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📌 How to Configure the Mining Section in Vnish Firmware — Part I
We’re launching a short series of screen guides focused on the Mining section setup in Vnish firmware — showing how to adjust settings and configure your miners directly from the interface.
In Part I, we break down two key sections:
• Pool configuration
• Cooling settings
You’ll see how to customize these parameters and set them according to your operational needs.
In the next episodes, we’ll cover Performance, Advanced settings, and Fees.
📣 Stay tuned!
⚡️Upgrade with Vnish
We’re launching a short series of screen guides focused on the Mining section setup in Vnish firmware — showing how to adjust settings and configure your miners directly from the interface.
In Part I, we break down two key sections:
• Pool configuration
• Cooling settings
You’ll see how to customize these parameters and set them according to your operational needs.
In the next episodes, we’ll cover Performance, Advanced settings, and Fees.
📣 Stay tuned!
⚡️Upgrade with Vnish
🕹ASIC vs GPU: The Cost of Compute
We compared the economics of AI and Bitcoin mining using the same power capacity. Here are the numbers
👉Hardware Cost per kW:
AI (GPU)
$30,000
Bitcoin Mining (ASICs)
$1,000
➡️GPUs are ~30× more expensive per kW
👉1 MW Hardware Investment:
AI (GPU)
$30,000,000
Bitcoin Mining (ASICs)
$1,000,000
➡️Same power capacity
➡️$29M lower CapEx for Bitcoin mining
👉Revenue Model:
AI (GPU)
Average compute pricing:
≈ $8/hour
Revenue depends on:
•customer demand
•utilization
•contract availability
Bitcoin Mining (ASICs)
Example:
1 MW mining farm
≈ 30 PH/s
Hashprice: $32/PH/day
Daily revenue:
30 PH × $32
= $960/day
≈ $350,400 per year
👉Efficiency Factor:
In Bitcoin mining, profitability doesn’t depend only on hardware. Efficiency improvements directly reduce the cost per mined coin
Optimizing ASIC performance allows miners to:
• increase hashrate
• reduce energy waste
• lower production cost per BTC
➡️The result: higher margins from the same hardware
💡Upgrade with Vnish
We compared the economics of AI and Bitcoin mining using the same power capacity. Here are the numbers
👉Hardware Cost per kW:
AI (GPU)
$30,000
Bitcoin Mining (ASICs)
$1,000
➡️GPUs are ~30× more expensive per kW
👉1 MW Hardware Investment:
AI (GPU)
$30,000,000
Bitcoin Mining (ASICs)
$1,000,000
➡️Same power capacity
➡️$29M lower CapEx for Bitcoin mining
👉Revenue Model:
AI (GPU)
Average compute pricing:
≈ $8/hour
Revenue depends on:
•customer demand
•utilization
•contract availability
Bitcoin Mining (ASICs)
Example:
1 MW mining farm
≈ 30 PH/s
Hashprice: $32/PH/day
Daily revenue:
30 PH × $32
= $960/day
≈ $350,400 per year
👉Efficiency Factor:
In Bitcoin mining, profitability doesn’t depend only on hardware. Efficiency improvements directly reduce the cost per mined coin
Optimizing ASIC performance allows miners to:
• increase hashrate
• reduce energy waste
• lower production cost per BTC
➡️The result: higher margins from the same hardware
💡Upgrade with Vnish
👍1🔥1
🚨 Bitcoin just entered FOMO mode
Bitcoin pushed back above $70,000, and the mood flipped almost overnight. After days of fear, social media sentiment turned bullish again. One trigger? Donald Trump saying the war with Iran could soon start winding down.
But geopolitics isn’t the only fuel. Institutional demand is still strong. Strategy bought nearly 18,000 BTC last week and added more again this week. Traders now see a possible short squeeze toward $80K if bears lose control.
⚡️And here’s what miners know: when Bitcoin enters FOMO territory, competition explodes. The only strategy that survives this phase is maximum efficiency.
👉Upgrade with Vnish
Bitcoin pushed back above $70,000, and the mood flipped almost overnight. After days of fear, social media sentiment turned bullish again. One trigger? Donald Trump saying the war with Iran could soon start winding down.
But geopolitics isn’t the only fuel. Institutional demand is still strong. Strategy bought nearly 18,000 BTC last week and added more again this week. Traders now see a possible short squeeze toward $80K if bears lose control.
⚡️And here’s what miners know: when Bitcoin enters FOMO territory, competition explodes. The only strategy that survives this phase is maximum efficiency.
👉Upgrade with Vnish
🔥 Vnish in Las Vegas
The Vnish team continues to stay close to the mining community — meeting partners in person and staying connected to the people running real hardware at scale.
This April we’ll be at Bitcoin Conference 2026 in Las Vegas
It’s one of the biggest Bitcoin gatherings of the year — bringing together thousands of companies, miners, investors, and speakers like Michael Saylor and Paul Atkins.
⚡️But for us the most valuable part is simple: real conversations
If you’re attending, come find the Vnish team. It’s a great chance to talk through mining efficiency, firmware optimization, and the kind of partnership terms that are always easier to agree on face to face.
📍 April 27–29, 2026
📌 Las Vegas
📍 The Venetian
Let’s compare notes and see how much more performance your fleet can unlock.
💡Upgrade with Vnish
The Vnish team continues to stay close to the mining community — meeting partners in person and staying connected to the people running real hardware at scale.
This April we’ll be at Bitcoin Conference 2026 in Las Vegas
It’s one of the biggest Bitcoin gatherings of the year — bringing together thousands of companies, miners, investors, and speakers like Michael Saylor and Paul Atkins.
⚡️But for us the most valuable part is simple: real conversations
If you’re attending, come find the Vnish team. It’s a great chance to talk through mining efficiency, firmware optimization, and the kind of partnership terms that are always easier to agree on face to face.
📍 April 27–29, 2026
📌 Las Vegas
📍 The Venetian
Let’s compare notes and see how much more performance your fleet can unlock.
💡Upgrade with Vnish
❤1👍1
🚧 Underclocking vs AutoTuning: 2 very different mining strategies
When hashprice drops, miners often switch to underclocking — reducing hashrate to lower power consumption.
But there is another approach: AutoTuning.
Instead of sacrificing hashrate, Vnish firmware continuously optimizes every chip to extract more performance from the same hardware.
⚡️Here is what real fleet data shows:
Antminer S19 XP
141 TH/s → 164 TH/s
+16.3% hashrate
Antminer S19k Pro
120 TH/s → 149 TH/s
+24.2% hashrate
Antminer S21
200 TH/s → 228 TH/s
+14% hashrate
WhatsMiner T21
192 TH/s → 221 TH/s
+15.1% hashrate
Same hardware, more hashrate
Why this happens:
• Per-chip autotuning dynamically adjusts frequency and voltage
• Weak chips are optimized individually instead of limiting the entire board
• Faulty boards can be disabled without stopping the miner
Underclocking reduces performance to save power
💡AutoTuning improves performance and lowers the cost per terahash at the same time
👉Upgrade with Vnish
When hashprice drops, miners often switch to underclocking — reducing hashrate to lower power consumption.
But there is another approach: AutoTuning.
Instead of sacrificing hashrate, Vnish firmware continuously optimizes every chip to extract more performance from the same hardware.
⚡️Here is what real fleet data shows:
Antminer S19 XP
141 TH/s → 164 TH/s
+16.3% hashrate
Antminer S19k Pro
120 TH/s → 149 TH/s
+24.2% hashrate
Antminer S21
200 TH/s → 228 TH/s
+14% hashrate
WhatsMiner T21
192 TH/s → 221 TH/s
+15.1% hashrate
Same hardware, more hashrate
Why this happens:
• Per-chip autotuning dynamically adjusts frequency and voltage
• Weak chips are optimized individually instead of limiting the entire board
• Faulty boards can be disabled without stopping the miner
Underclocking reduces performance to save power
💡AutoTuning improves performance and lowers the cost per terahash at the same time
👉Upgrade with Vnish
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📊Fresh data on Bitcoin Mining economics
We reviewed the latest industry stats from a new report by a leading trading firm. The numbers show a cycle that looks structurally different from previous ones.
Key data points from the report:
• BTC 4-year return this cycle: ~1.15×
Previous cycles delivered 10×–20× growth
• Peak mining margins: ~30%
In earlier cycles, 30% was closer to the bottom
• Transaction fees still contribute only low single-digit % of miner revenue
• Meanwhile hashrate and network difficulty continue to rise, tightening profitability across the industry
Some miners are pivoting toward AI. But this path is available only to a limited number of operators — it requires the right power infrastructure, location, and capital.
👉The report’s main conclusion:
BTC on miner balance sheets should work. Lending or derivatives can help.
👉Our takeaway is simpler:
Profitable miners reduce cost per BTC. One of the most practical ways to do that is optimized firmware.
⚡️Upgrade with Vnish
We reviewed the latest industry stats from a new report by a leading trading firm. The numbers show a cycle that looks structurally different from previous ones.
Key data points from the report:
• BTC 4-year return this cycle: ~1.15×
Previous cycles delivered 10×–20× growth
• Peak mining margins: ~30%
In earlier cycles, 30% was closer to the bottom
• Transaction fees still contribute only low single-digit % of miner revenue
• Meanwhile hashrate and network difficulty continue to rise, tightening profitability across the industry
Some miners are pivoting toward AI. But this path is available only to a limited number of operators — it requires the right power infrastructure, location, and capital.
👉The report’s main conclusion:
BTC on miner balance sheets should work. Lending or derivatives can help.
👉Our takeaway is simpler:
Profitable miners reduce cost per BTC. One of the most practical ways to do that is optimized firmware.
⚡️Upgrade with Vnish
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👀How to configure performance settings in Vnish Firmware
We continue our short series on Mining section setup in Vnish firmware.
In Part II, we break down the Performance section and show how to configure the key parameters that directly affect miner output:
• Voltage and frequency adjustments
• Performance presets or auto-tuning
• Chip-level tuning or global settings
This guide shows how to apply these configurations directly in the interface and fine-tune performance for your operation.
Next episodes will cover Advanced settings and Fees.
Stay tuned 🧡
⚡️Upgrade with Vnish
We continue our short series on Mining section setup in Vnish firmware.
In Part II, we break down the Performance section and show how to configure the key parameters that directly affect miner output:
• Voltage and frequency adjustments
• Performance presets or auto-tuning
• Chip-level tuning or global settings
This guide shows how to apply these configurations directly in the interface and fine-tune performance for your operation.
Next episodes will cover Advanced settings and Fees.
Stay tuned 🧡
⚡️Upgrade with Vnish