Trump’s Tariffs Trigger Global Economic Strain
President Donald Trump's tariffs of 20% on the EU and 104% on China, effective from April 9, 2025, have sparked global market volatility, raising fears of a trade war and potential U.S. recession. Households face increased costs, with tariff-related inflation outweighing gains in wages or employment. As a result, GDP forecasts are being revised downward, and the Federal Reserve is expected to pivot to rate cuts.
Financial markets reacted sharply, with falling equities, lower interest rates, wider credit spreads, and a weaker dollar reflecting deteriorating sentiment. In Asia, export-heavy economies like Vietnam, Japan, and Korea could see GDP impacts of up to 5.5%. China is facing deflationary pressure and has retaliated with tariffs and export controls.
(As of the publishing of this article, tariffs for the EU stand at 10% and 125% for China.)
Bitcoin Price Action Amid U.S. Tariff Turmoil
Since the announcement of new U.S. tariffs, Bitcoin has experienced heightened volatility. In February, following the initial tariff threats, Bitcoin dropped from approximately $105,000 to $92,000, a 12% decline, before partially recovering when tariff pauses on Mexico and Canada were introduced. The pullback was primarily driven by market sentiment and macroeconomic uncertainty, with risk assets broadly affected.
Despite the short-term weakness, some experts believe long-term prospects remain positive. Continued inflationary pressure and a weakening U.S. dollar could enhance Bitcoin’s role as a hedge. As of April 7, 2025, Bitcoin is trading significantly below its $109,000 peak, achieved in January 2025, but remains roughly 35% above pre-election levels, reflecting both resilience and the ongoing tug-of-war between macroeconomic headwinds and the asset’s long-term narrative. Bitcoin’s trajectory will likely remain tied to evolving global trade tensions.
Bitcoin Mining Difficulty
In the last 7 days the Bitcoin difficulty increase added a further 6.81%, with the increase in the last 30 days being 9.89%, posing critical challenges for publicly traded mining companies. This metric reflects the computational power needed to validate transactions and append blocks to the blockchain, meaning higher difficulty demands greater resource investment for equivalent output.
This increase drives up operational expenses and compresses profit margins. To remain competitive, firms may need to allocate significant capital toward advanced, energy-efficient equipment. Rising energy demands could further strain costs, especially in high-rate electricity markets.
This shift may disproportionately burden smaller or less efficient operators, potentially spurring industry consolidation as larger players acquire weaker rivals. Public miners must balance these pressures while upholding investor trust and regulatory compliance. Effective responses include diversifying income sources, enhancing operational efficiency, and locking in cost-effective energy agreements.
Ultimately, this 9.89% hike compels public Bitcoin miners to adapt strategically to preserve profitability and shareholder value amid a tougher operational environment.
Bitdeer Technologies Group (BTDR)
On March 17, 2025, Bitdeer unveiled its next-generation Bitcoin mining machines, the SEALMINER A2 Pro series. Featuring an additional two new models, the air-cooled A2 Pro Air, delivering up to 270 TH/s and the hydro-cooled A2 Pro Hyd, an impressive 530 TH/s. Both models deliver an industry-leading power efficiency of 14.9 J/TH.
Designed for performance and reliability, the A2 Pro Hyd supports high-temperature operations with both models maintaining a low-noise profile, enhancing operational comfort. Delivering up to 97% power supply efficiency, Bitdeer reinforces its commitment to innovation, efficiency, and stability, offering global miners cutting-edge solutions through ongoing research and development.
Bitdeer self-mined 114 Bitcoins in March and completed mass production of 3.8 EH/s of SEALMINER A1 rigs, with 2.8 EH/s energized and the remainder in various stages of delivery. Due to market uncertainty and softened demand, the company has temporarily paused disclosure of SEALMINER A2 wafer capacity but remains confident in meeting its hashrate targets for the second half of 2025. The company continues to hodl their production with 1,156 Bitcoin held in Treasury, providing a value of $95 million as at March 31, 2025.
Bitdeer expanded its high-performance computing (HPC) and AI efforts by engaging Northland Capital Markets to advise on data center development and capital strategies. Discussions are ongoing with partners for U.S.-based HPC/AI sites, and deployments of GB200 NVL72 remain on track.
Hosting services grew by 3,000 mining rigs (0.6 EH/s), reflecting strong customer engagement. Infrastructure developments advanced globally.
Site updates:
- Norway’s Tydal 70 MW site is energizing in April 2025
- Rockdale’s 1.4 EH/s of SEALMINER A1 hydro mining rigs have been energized into 100 MW hydro-cooling conversion
- Bhutan is due to energize in Q2 2025
- Clarington, 266 MW Ohio Phase 1 is due to energize in Q3 2025
- New 50 MW facility in Ethiopia set to launch by Q4 2025
These updates highlight the company's momentum and commitment to delivering over 600 MW of energized power in the coming months.
Bit Digital (BTBT)
On March 14, 2025, Bit Digital announced a strategic partnership between its subsidiary, WhiteFiber, a leader in HPC GPU cloud infrastructure, and Shadeform, the premier multi-cloud GPU marketplace. Starting in April, customers will gain on-demand access to NVIDIA B200 GPUs, thereby eliminating the need for long-term commitments and high upfront costs.
The partnership merges WhiteFiber’s AI/ML-optimized GPU cloud platform with Shadeform’s global multi-cloud management capabilities. Users in over 100 regions will benefit from streamlined access to next-generation AI infrastructure.
Ed Goode, CEO of Shadeform, praised WhiteFiber’s architecture for its performance and efficiency, saying it “unlocks new possibilities for startups and developers.” Benjamin Lamson, Head of Revenue at WhiteFiber, highlighted the partnership as a key step in democratizing access to advanced GPU technology.
On April 11, 2025, Bit Digital announced it has secured a new data center site in Saint-Jérôme, Québec (“MTL-3”) to support a 5MW colocation agreement with generative AI leader Cerebras Systems. The 202,000-square-foot facility, developed by Bit Digital’s HPC platform WhiteFiber, sits on 7.7 acres and is being retrofitted to Tier 3 standards.
The $40 million project is scheduled to go live in July 2025. The lease-to-own agreement includes a 20-year lease term with a fixed-price purchase option within 12 months. Cerebras also holds a right of first refusal for additional capacity. This milestone strengthens Bit Digital’s AI infrastructure strategy and reinforces its presence in the growing Montréal AI ecosystem.
Bitfarms (BITF)
Bitfarms reported a strong operational and strategic performance in March 2025, highlighted by the successful acquisition of Stronghold Digital Mining, the largest merger between two public miners to date and the strategic sale of its 200 MW Yguazu data center to HIve Digital. These moves rebalanced the company’s portfolio toward the U.S., where higher yields per megawatt are anticipated.
Bitfarms also reduced its average power costs, minimized 2025 capital expenditures, and secured sites suited for diversification into HPC, AI, and energy generation.
Advancing its HPC/AI strategy, Bitfarms appointed James Bond as SVP of HPC and Craig Hibbard as SVP of Infrastructure. Preliminary studies also confirmed that three Pennsylvania sites are ideal for HPC, with full feasibility reports expected in Q2.
Operationally, the company produced 280 Bitcoin, during the month of March, at an average daily rate of 9.0 Bitcoin, an increase of 18.7% on the rate achieved in February. This was helped by the increase in energized hashrate by 21% to 19.5 EH/s, whilst also meeting its Q2 efficiency target of 19 j/TH, ahead of schedule. As of March 31, the company held $132 million in liquidity with a Bitcoin treasury hodl of 1,140 Bitcoin valued at $94 million, as at March 31, 2025.
On April 2, 2025 Bitfarms entered into an agreement with Macquarie Equipment Capital Inc. for a private debt facility of up to $300 million to support the development of its Panther Creek data center in Pennsylvania. The initial $50 million tranche, secured at the parent level, will fund soft project costs and general corporate needs. Upon meeting specific development milestones, a second tranche of up to $250 million will be accessible, converting the loan into a project-level secured facility. Both tranches carry an 8% annual interest rate with a two-year maturity.
Bitfarms CEO Ben Gagnon emphasized the partnership’s role in accelerating Panther Creek’s buildout and supporting the company’s expansion into HPC. The facility is backed by valuable North American assets and strong mining cash flows. Macquarie, a global infrastructure investment leader, will also receive warrants linked to the facility, underlining confidence in Bitfarms’ strategy to lead in the evolving AI and HPC infrastructure landscape.
Core Scientific (CORZ)
Core Scientific, Inc. has released its unaudited production and operations update for March 2025, highlighting continued strength in its self-mining and hosting services. The company mined 247 self-mined Bitcoin during the month, at an average daily rate of 8.0 Bitcoin, an increase of 3.8% on the rate achieved in the previous month and bringing its year-to-date total production to 718 Bitcoin. Additionally, Core Scientific’s hosted customers earned an estimated 17 Bitcoin across its data centers during March.
As of March 31, 2025, the company operated approximately 163,000 Bitcoin miners, including around 156,000 owned miners and 7,000 customer-hosted machines. This represents a total energized hash rate of 19.1 EH/s, with 18.1 EH/s attributed to Core Scientific’s self-mining operations with a weighted average efficiency of 24.3 J/TH.
In support of grid stability, Core Scientific curtailed operations several times during the month, delivering 35,295 megawatt hours back to local electrical grids, reinforcing its commitment to energy flexibility and responsible infrastructure management.
The company continues to hodl its production and has a total of 1,001 Bitcoin held in Treasury with a value of $83 million.
DMG Blockchain (DGMI)
DMG Blockchain Solutions reported its preliminary operational results for March 2025, highlighting continued growth in both production and efficiency. The Company mined 32 Bitcoin, at an average daily rate of 1.0 Bitcoin, an increase of 7% on the rate achieved in February and increased its hashrate to 1.82 EH/s from 1.71 EH/s. This increase was due to no curtailments being recorded in the month of March, compared to 3 days in the previous month.
DMG is progressing toward its 2.1 EH/s target, currently operating 2 megawatts of S21 Hydro and S21+ Hydro miners, pushing fleet hashrate close to 1.9 EH/s. A short delay in miner shipments has shifted the deployment schedule, with additional capacity expected online by mid to late April. CEO Sheldon Bennett noted the strong performance of hydro-based mining and reaffirmed the Company’s strategic focus on expanding high-value AI offtake agreements and growing its carbon-neutral Bitcoin mining initiatives through Systemic Trust and Terra Pool. These efforts aim to strengthen long-term shareholder value and environmental leadership.
The company increased its Bitcoin treasury by 15 Bitcoin, bringing total holdings to 458 Bitcoin, valued at approximately $38 million. The value of DMG’s Bitcoin holdings alone now exceeds its market capitalization of $35 million, underscoring a notable valuation gap. Combined with the company’s other significant assets, this discrepancy may suggest the market is undervaluing the company’s overall position, particularly as it continues to expand its mining capacity and pursue strategic initiatives in AI and sustainable blockchain solutions.
HIVE Digital (HIVE)
HIVE Digital Technologies released its unaudited production results for March 2025 and announced a major operational milestone, the commencement of Bitcoin mining at its 200 megawatt (MW) hydro-powered facility in Yguazú, Paraguay. This launch represents a significant step in the company’s strategic expansion, underpinned by green energy and long-term capital investment.
In March, HIVE mined 108 Bitcoin, at an average daily rate of 3.5 Bitcoin, an increase of 9.6% on the rate achieved in February, helped by an average hashrate of 6.3 Exahash per second (EH/s), achieving a fleet efficiency of 20.7 j/TH.
The Yguazú facility began operations with an initial production rate of 100 Petahash. Phase 1, which includes a substation and data center, is fully commissioned and energized, with Phase 2 adding the remaining 100 MW scheduled to follow. Chief Operating Officer Luke Rossy credited the success to the dedication of HIVE’s local team and confirmed that infrastructure at the Valenzuela site is also progressing, with over 65% completed and equipment installation underway.
HIVE’s long-term vision involves scaling global mining capacity from 6 EH/s to 25 EH/s by the end of 2025. The company has secured a pipeline of next-generation mining equipment and is fully funded to meet its expansion goals. Executive Chairman Frank Holmes emphasized that HIVE’s scalable, sustainable growth demonstrates the strength of its capital strategy. CEO Aydin Kilic added that the company remains focused on innovation, energy efficiency, and delivering value through a rapidly growing, green-powered digital infrastructure.
The company increased its total Bitcoin holdings to 2,201 Bitcoin, valued at $182 million based on the closing Bitcoin price as at March 31, 2025. While this reflects a year-over-year decrease of 4% in Bitcoin holdings, the decline was attributed to the company’s deliberate reinvestment of proceeds into capital assets, including infrastructure development in Paraguay.
IREN (IREN)
On March 17, 2025 IREN announced it had secured a 600 MW grid connection agreement for its Sweetwater 2 site, bringing its total contracted capacity in West Texas to 2.75GW. This milestone strengthens IREN’s position as a leader in scalable, low-cost data center infrastructure. Located in one of the world’s largest renewable energy markets, the Sweetwater hub offers strong fiber connectivity, low latency, and water-efficient cooling. IREN is actively aligning its infrastructure with AI and cloud computing demands, with energization targeted for 2026 and 2027.
IREN Limited reported strong operational progress in its March 2025 update, producing 533 Bitcoin, highlighting the continued scale-up of both its Bitcoin mining and AI infrastructure businesses. Operating data center capacity rose to 660MW, with installed hashrate reaching 37 EH/s, up from 31 EH/s the previous month. The company remains on track to achieve 50 EH/s in the first half of 2025 but plans to pause further mining expansion at 52 EH/s to prioritize the development of its AI and HPC services.
Revenue for March reached $47 million, with hardware profit from ASICs and GPUs totaling $36 million. Despite lower Bitcoin prices, electricity cost efficiencies helped sustain strong mining margins.
AI Cloud Services generated $1.6 million in revenue, marking a 33% month-on-month increase. Management emphasized a shift in capital allocation towards AI opportunities, supported by customer prepayments and diverse financing strategies. Procurement is underway for IREN’s 50 MW liquid-cooled AI data center at Childress, with plans for rapid expansion. These developments position IREN as a key player in the convergence of digital assets and AI infrastructure.
RIOT Platforms (RIOT)
On March 21, 2025, Riot Platforms announced that its wholly-owned subsidiary, Whinstone US, Inc., has entered into a non-binding term sheet for a potential acquisition of specific assets from Rhodium Encore LLC at Riot’s Rockdale Facility. The proposed $185 million transaction includes $129.9 million in cash, a $6.1 million power deposit return, and $49 million in Riot shares. In return, Rhodium will transfer all tangible assets, including ASIC miners, and vacate the facility. Riot Platforms will assume Rhodium’s 125 MW power capacity. The deal is subject to Bankruptcy Court approval and final agreements, with all litigation between parties to be dismissed upon closing.
Riot Platforms achieved a new post-halving production high by mining 533 Bitcoin in March, at an average daily rate of 17.2 Bitcoin, an increase of 2.4% on the rate achieved in the previous month, marking a significant milestone for the company. CEO Jason Les praised the operational improvements made by their onsite teams, which contributed to growth in both operating hash rate and Bitcoin production, despite network difficulty increases.
Additionally, Riot received a positive feasibility study report from Altman Solon, a leading data center industry consultant, regarding the 600 MW of available capacity at its Corsicana Facility. The study highlighted several factors making the site attractive for AI and HPC tenants, such as its 1.0 GW of secured power, proximity to Dallas, available developable land, and onsite fiber and water resources. The report also noted the facility’s potential to serve both inference AI and cloud workloads, further enhancing its market appeal.
The Corsicana Facility, which already has 400 MW operational and is constructing an additional 600 MW substation, offers significant growth potential. Riot Platforms plans to leverage this development to serve the growing demand for AI/HPC data centers. The company continues to aggressively pursue AI/HPC opportunities, with an eye on expanding capacity and meeting market demand.
Soluna Holdings (SLNH)
During March Soluna Holdings mined 12 Bitcoin at an average daily rate of 0.4 Bitcoin, an increase of 8.4% on the rate achieved during February. The company also successfully energized Phase 1 of Project Dorothy 2, a 48 MW Bitcoin hosting facility located in Texas, increasing the company’s total hosting capacity to 123 MW, representing a 60% growth. The project is on track for full completion by Q4 2025.
Project Kati, a 166 MW data center under development, has exited the Electric Reliability Council of Texas (ERCOT) planning phase and aims to provide renewable energy capacity, supporting both Bitcoin hosting and AI applications. Construction is scheduled to commence in 2025, with Phase 1 (83 MW) substation upgrades planned for completion in May.
Soluna has also secured $5 million in non-dilutive debt financing from Galaxy Digital, reinforcing its project-level cash flows and institutional financing capabilities.
The company has been awarded its second utility patent, expanding its Modular Data Center technology, which is essential for improving thermal efficiency. The strategic termination of the Hewlett Packard Enterprise (HPE) contract has been addressed by CEO John Belizaire and CFO John Tunison, providing greater transparency through an updated FAQ.
These developments underscore Soluna’s commitment to scaling its renewable computing infrastructure, positioning the company as a leader in sustainable data center solutions.
Monthly and year-to-date (YTD) metrics
March 2025 witnessed a repeat of the top 2 miners from February, which are highlighted in the table below, in terms of production by EH/s, with IREN (17.59) and Riot Platforms (17.59) both achieving the same Bitcoin mined during the month and with the identical operational hash rate. DMG Blockchain (17.58), Hive Digital (17.57) and CleanSpark (17.56) make up the top 5.
In terms of utilization Hive Digital achieved (92%), closely followed by DMG Blockchain (89%), CleanSpark (88%), Rot Platforms (84%) and Bitfarms (83%) making up the top 5.
The Bitcoin mined per MW is a metric used for assessing operational efficiency and resource utilization. HIVE Digital achieved 0.84 Bitcoin per MW, followed by Marathon Digital (0.81), IREN (0.81), CleanSpark (0.77) and Core Scientific (0.62).
The table above highlights the YTD performance of mined Bitcoin per EH/s. As can be seen, this year is extremely close with small fractions separating the leaders, led by Riot Platforms, IREN and CleanSpark. Hive Digital, DMG Blockchain and Bitfarms, all performing with great consistency, make up the remaining places in the top 6.
