In the first quarter of 2025, the Bitcoin mining industry faced numerous challenges due to the halving and increased network difficulty.
This analysis will use data from listed Bitcoin mining companies such as Cipher Mining, Riot Platforms, Core Scientific, Hut 8 Corporation, TeraWulf, Bitfarms, and Cango to summarize, compare, and evaluate their financial performance, mining output, and development strategies.
Mining Companies Show Stark Financial Performance Differences
Bitcoin mining companies demonstrated significant variations in financial performance in the first quarter of 2025.
Riot Platforms recorded its highest revenue at $161.4 million, primarily from Bitcoin mining ($142.9 million). They produced a total of 1,530 BTC, but the unit mining cost sharply increased from $23,034/BTC to $43,808/BTC, reflecting the impact of halving and network difficulty.
Core Scientific reported an impressive net income of $581 million due to non-cash valuation adjustments ($622 million). Revenue decreased by 55.7% to $79.525 million, with adjusted EBITDA being negative at $6.107 million.
Bitfarms saw revenue increase by 33% to $67 million, but gross profit margin dropped from 63% to 43%, resulting in a net loss of $36 million. Cango achieved revenue of $145.2 million, recording $144.2 million from Bitcoin mining by producing 1,541 BTC at a high average cost of $70,602/BTC.
Meanwhile, Hut 8 Corporation and TeraWulf recorded significant net losses of $134.3 million and $61.4 million, respectively, with revenues decreasing by 58% to $21.8 million and $34.4 million.
Mining Output and Bitcoin Holdings Are Not the Same
In terms of mining output, Cango led with 1,541 BTC, followed by Riot Platforms (1,530 BTC) and Bitfarms (1,166 BTC). Cipher Mining mined 174 BTC in April but sold 350 BTC, reducing its holdings to 855 BTC, of which 379 BTC was pledged as collateral.
Riot Platforms holds the largest Bitcoin reserve with 19,223 unrestricted BTC, Bitfarms holds 1,166 BTC, and Cango maintains $347.4 million in cash and short-term investments.
Core Scientific did not disclose specific Bitcoin holdings but is focusing on expanding management services through a 250MW contract for CoreWeave, expecting 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 output and revenue, but high mining costs remain a challenge. Core Scientific and Hut 8 are transitioning to areas like AI to reduce mining dependence.
