In April 2025, public bitcoin miners faced severe market pressures, leading them to sell a record 115% of their mined bitcoin, the highest ratio since late 2022. Despite bitcoin reaching a new all-time high of $109,000, miners struggled with a weak hashprice of $55 per petahash per second, considerably below the previous peak. This drop in earnings is attributed to elevated network difficulty and decreased transaction fees. Notably, firms like CleanSpark, IREN, and Cango are expanding their hashrate, indicating some resilience in the sector, with CleanSpark surpassing 40 EH/s and IREN targeting a total of 50 EH/s by June. Additionally, miners are securing hardware deals that allow payment in bitcoin, providing a hedge against further price fluctuations. While mining stocks increased significantly in April, many remain down for the year, with only a few like CleanSpark remaining in positive territory.

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