Is there still a chance for Bitcoin mining in 2025? Analyzing the historical evolution of the dilemmas and solutions for individual miners

Since its inception in 2009, Bitcoin has been through 16 years. During this time, besides price fluctuations and ecological prosperity, there is a hidden but crucial development line—the evolution of the mining industry. Especially after the 2024 fourth halving, mining rewards have plummeted, leading many to ask: Will individuals still be able to mine Bitcoin in 2025? The answer may be more complicated than you think.

From Geeks’ “Easy Money” to Industry “Professional Competition”: A Brief History of Bitcoin Mining

To understand the current state of mining in 2025, we first need to see how it has reached today.

2009-2012: Mining with Personal Computers
In the early days, Bitcoin network hash rate was very low, and anyone could mine new coins using a regular PC CPU. Satoshi Nakamoto himself mined the first BTC in Bitcoin’s history this way. At that time, mining was truly “free”—buy a computer, install software, and let it run, with electricity costs so low they could be ignored. During this period, many part-time miners emerged, and individual miners held relatively stable positions.

2013 Turning Point: The Rise of GPU and ASIC
As Bitcoin’s price started rising and more people joined mining, the total network hash rate grew exponentially. In Q1 2013, GPU (graphics card) mining became popular, and the competitiveness of personal computers quickly declined. More critically, in the second quarter of the same year, specialized integrated circuits—ASIC miners—were introduced, and the trend accelerated. Antminer, Avalon, and other professional mining machines rapidly dominated the market, pushing ordinary computers out of the game.

Post-2013: From “Solo Mining” to “Mining Pools” and “Cloud Mining”
With ASICs becoming widespread, the success rate for individual miners decreased sharply. To improve their chances of earning coins, miners began forming mining farms, which evolved into more flexible “mining pools”—a network where miners combine their hash power and share rewards proportionally. Well-known pools include F2Pool, Poolin, BTC.com, AntPool, etc., aggregating hash power from retail miners worldwide and distributing earnings based on contribution.

Cloud mining further lowered entry barriers, allowing users to rent hash power online without owning physical mining hardware.

After the 2024 Halving, Mining Rewards Halved: Have Individual Miners “Lost Their Jobs”?

In April 2024, Bitcoin completed its fourth halving, reducing block rewards from 6.25 BTC to 3.125 BTC. This directly cut nearly 50% of miners’ main income sources.

A simple comparison illustrates the difference:

• Before halving: earning 6.25 BTC + transaction fees per block
• After halving: earning 3.125 BTC + transaction fees per block

At the current global average electricity price of $0.08 per kWh, mining with a mainstream ASIC miner (like WhatsMiner M60S, with about 20J/TH power consumption) essentially yields daily profits that can’t even cover electricity costs—this is why more and more retail miners are choosing to exit or switch to mining pools.

But this doesn’t mean individual miners have no chance at all. The key points are:

1. Joining mining pools is feasible: Even with tiny hash power, pools distribute rewards proportionally to your contribution. You might not mine entire blocks but can earn some satoshis (the smallest unit of BTC). However, these earnings often don’t cover electricity and equipment depreciation.

2. Location matters: Electricity costs are the biggest variable. If your region’s electricity is only $0.03 per kWh (e.g., areas rich in hydroelectric power), profit margins can significantly improve. Conversely, if electricity costs exceed $0.15 per kWh, individual mining becomes unprofitable.

3. Mining is becoming institutionalized: Bitcoin’s total network hash rate has reached hundreds of millions of TH/s, with large miners and mining companies dominating most of the hash power. Small miners are at a severe disadvantage in this competition.

Thinking of Mining in 2025? Do the Math First

If you really want to try Bitcoin mining in 2025, here’s a rough but practical guide:

Step 1: Cost Estimation
Use online tools like WhatToMine by inputting:

• Miner model (power consumption parameters)
• Local electricity rate (find the average price)
• Pool fee rate (usually 1-3%)
• Current BTC price

The system will automatically calculate daily revenue and payback period. If the payback exceeds 2 years, it’s generally not worth it.

Step 2: Choose the Right Miner
Popular options include:

• Antminer S19 Pro: High hash rate, but high power consumption and noise, requires professional cooling—suitable for experienced miners
• WhatsMiner M30S++: Balanced option, relatively low power consumption, suitable for intermediate miners
• AvalonMiner 1246: Cost-effective, but shorter warranty period—good for beginners
• Bitmain Antminer S9: Cheapest, but weak hash rate and high energy consumption—only suitable for learning purposes

Prioritize energy efficiency (J/TH). Below 20 J/TH is preferable.

Step 3: Decide on Mining Method

• Self-built mining farm: Purchase and operate your own miners. You need to solve noise, cooling, and power supply issues—suitable for those with technical skills
• Hosting services: Buy miners and have professional companies operate them. Fees are usually 10-15% of earnings
• Leasing hash power: Rent hash power on platforms without owning hardware. Platforms like NiceHash, Genesis Mining, Bitdeer offer services, with prices from $0.05 to $1.5 per TH per day

Step 4: Join a Mining Pool
Compare pool fee rates, payout cycles, decentralization. Recommended to choose reputable large pools (F2Pool, Poolin) for stability and reduced risk of scams.

Step 5: Prepare for Compliance
This step is often overlooked but critical. In mainland China, Iran, mining is banned. In the US, Europe, Taiwan, it’s legal. Always verify local policies before starting; otherwise, you risk confiscation, fines, or detention.

Some regions also require miners to provide “carbon neutrality certificates,” such as purchasing carbon credits to offset electricity consumption—adding to costs.

Beware of “Free Mining” Scams

The internet is flooded with promises of “zero-cost mining” or “earning BTC without spending.” These are mostly scams. Common tricks include:

• Fake cloud mining platforms promising high returns and then disappearing after deposits
• Claims of “exclusive hash power” that doesn’t actually exist
• Multi-level affiliate schemes designed to trap and scam investors

If you encounter such “opportunities,” the best response is to walk away. Legitimate mining involves real hardware and electricity costs.

Final Advice

For ordinary users: The era of “making easy money” through mining in 2025 is over. If you want to participate in Bitcoin acquisition, buying on exchanges is likely more cost-effective. Trading on exchanges avoids risks like hardware depreciation, maintenance, and electricity price fluctuations.

For those with some capital and technical skills: If your electricity is cheap, policies permit, and you have mature mining operations, mining in 2025 can still be profitable, but margins will be much lower than in earlier years.

For those wanting to deeply participate in the mining industry: Joining mining pools, using renewable energy, or investing in mining funds are more practical options than DIY setups.

Overall, Bitcoin mining has evolved from a “geek’s side income” to an “industry competition.” After the 2024 halving, the space for individual miners has further shrunk. Mining in 2025 is possible, but requires clear cost awareness, compliance, and honest assessment of profitability. Otherwise, you risk falling into seemingly simple but actually unprofitable traps.