In the spring of 2024, the block reward dropped to 3,125 BTC. By this point, the network had already reached a historical hashrate over 1 Zh/s, and electricity rates in many regions have increased. As a result, mining has become a story where only those who know how to calculate costs and view mining not as an adventure, but as a business, survive.
Economy: Energy is the most expensive
Today, mining profitability is almost entirely limited by the price per kilowatt-hour. At rates above $0,09–0,10 per kWh, even new equipment is on the verge of breakeven. Modern models like Antminer S21 (200 Tx/s, 17.5 J/Tx, consumption 3500 W) and WhatsMiner M60 (170 TH/s, 19.9 J/TH, 3422 W) is only in the black with cheap energy. The drop in ASIC prices in 2025 (S21 dropped from ~$7000 to ~$5000) made it easier to enter the industry, but the key barrier remains getting rates below $0,06 per kWh, where the payback period remains within 12-18 months.
Energy and infrastructure
The structure of energy consumption is also changing: 52,4% of the world’s hashrate is provided by «clean» energy — about 42,6% comes from renewable sources, another 9,8% from nuclear. In Iceland and Canada, farms are connected to hydro and geothermal stations, in Scandinavia they use heat from equipment to heat greenhouses and houses, in the UAE and Kazakhstan they are launching projects on solar parks. These details are no longer marketing, but a survival factor, since electricity makes up to 80% of a miner’s expenses.
Work formats
Solo mining is closed for individuals: with the current network hashrate, the probability of finding a block alone is negligible. Only industrial data centers with hundreds of devices and access to megawatts of energy have a real chance of success. For the rest, the only working option is to join pools.
Here, nuances decide everything. FPPS gives fixed daily payments, PPS+ adds commissions from transactions, PPLNS leaves income dependent on the pool’s luck. Experienced players combine schemes and distribute capacities across different pools. More and more often, miners choose a hybrid option: farms are hosted, and hashrate connects to the pool. This removes technical risks and allows for bargaining over electricity rates.
EMCD: A Case Study
EMCD consistently ranks among the world’s top 10 pools by hashrate. The ecosystem includes not only the pool itself, but also a wallet with free withdrawal of BTC, BCH and LTC, a savings service Coinhold with a yield of up to 14% per annum and a built-in exchange, where mined coins can be converted into stablecoins with a minimum commission.
The pool commission is 1,5%, FPPS payments are made daily, even if the pool has not found a block. The interface shows statistics for each worker in real time, support works around the clock. A special emphasis is placed on security: CSIRT team, KYC/AML, transaction monitoring and TLS encryption. For the miner, this means predictability of payments and less risk of losses.
3 points of support
Mining in 2025 has become an expensive and technological business. Energy efficiency of equipment, access to cheap electricity and the choice of a reliable pool are three pillars, without which mining turns into a hobby with a minus. A systematic approach gives a chance to earn money, but the “plug and forget” scheme no longer works.
This article does not constitute investment advice. The reader bears full responsibility for any actions taken based on the information obtained on our site. The acquisition of high-risk assets is associated with additional risks.