Bitcoin is once again flirting with the $120,000 mark, while Bitcoin ETFs continue hold above $150 billion in assets for over ten consecutive days. Meanwhile, corporate treasury demand shows no signs of slowing, and the network’s hashrate is pushing toward new all-time highs. Hive has officially joined the 10+ EH/s club, but rising difficulty keeps miner profitability in check. In the premium section, we explore how tariffs are reshaping mining supply chains, yet surprisingly leaving ASIC prices mostly untouched.
Bitcoin Stabilizes Around $120K
Bitcoin ETFs Sustain $150 Billion Milestone
Corporate Bitcoin Treasury Buying Remains Relentless
Hashrate on the Verge of Record Highs
Hive Joins Elite 10+ EH/s Club
Difficulty Keeps Hashprice in Check
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Tariffs Reshape Bitcoin Mining Supply Chains
Price of ASICs Mostly Unaffected by Tariffs
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Bitcoin Stabilizes Around $120K
Bitcoin made a strong push late in the week, briefly approaching the $120,000 mark, but the rally ultimately lost steam. Still, BTC managed to hold firm around $119,000. After a relatively quiet July on the macroeconomic front, the week ahead marks a turning point. The highlight will be the Federal Reserve’s interest rate decision on Wednesday. Just hours before the announcement, Q2 GDP data will be released, setting the tone for markets. On Thursday, investors will also be watching the release of the Fed’s preferred inflation metric, the Personal Consumption Expenditures (PCE) index. According to CME Group’s FedWatch Tool, markets see almost no chance of a rate cut this week, with expectations still leaning toward a move in September.
Meanwhile, broader macro developments are adding to market optimism. The U.S. finalized a major trade agreement with the EU and Japan and delayed planned tariffs on China by another 90 days. Both President Trump and European Commission President Ursula von der Leyen called the deal as the “biggest trade deal ever,” noting that the U.S. and EU together represent 44% of global GDP.
Bitcoin ETFs Sustain $150 Billion Milestone
The stabilizing price of Bitcoin is clearly reflected in the strong performance of Bitcoin ETFs. Assets under management (AUM) for U.S. spot Bitcoin ETFs surpassed the $150 billion mark for the first time on July 15th and have stayed above this significant milestone over the last 10 days. This sustained level highlights growing investor confidence and increased mainstream adoption of Bitcoin as a digital asset.
Corporate Bitcoin Treasury Buying Remains Relentless
Corporate Bitcoin accumulation shows no signs of slowing down, with Michael Saylor’s Strategy leading the charge. On July 14, the company surpassed 600,000 BTC in holdings after acquiring 4,225 BTC—funded through all four of its active at-the-market (ATM) offerings. This was the first time Strategy utilized its full suite of ATM programs, raising $472.3 million via sales of MSTR stock and its three preferred stock series: STRK, STRF, and STRD. Last week, the firm also priced a separate $2.47 billion IPO for its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at $90 per share—far exceeding the initial $500 million target. STRC offers a variable monthly dividend, initially yielding 9% annually on a $100 stated amount, with limited downward adjustment.
MARA Digital holds the largest Bitcoin position among all mining companies and ranks second overall. Notably, Trump Media has claimed the number six spot with 18,430 BTC. The company recently announced a Bitcoin treasury strategy and has accumulated $2 billion in Bitcoin and Bitcoin-related securities, making up two-thirds of its $3 billion in liquid assets.
In total, over 100 public companies now hold a combined 921,388 BTC. If the current pace continues, that figure could cross the 1 million BTC mark within three months. Notably, 37 companies already hold more than 1,000 BTC each on their balance sheets.
Hashrate on the Verge of Record Highs
Ever since last month’s U.S. heatwaves caused a record drop in network hashrate to 148 EH/s, the hashrate has been steadily recovering and is now testing the all-time high of 950 EH/s. While the less reliable 1-day moving average has already crossed the 1 Zetahash level a few times, the more reliable 7-day moving average remains about 5% below that mark. It’s likely to break through in Q3 or early Q4. However, with summer still in full swing, another heatwave could trigger a temporary retrace before the network firmly surpasses the 1 ZH/s milestone.
Hive Joins Elite 10+ EH/s Club
HIVE Digital Technologies has rapidly expanded its Bitcoin mining operations to over 13 EH/s, joining nine other companies producing more than 10 EH/s globally. Their hydro-powered Paraguay campus is advancing with Phase 2 deployment of efficient Bitmain S21+ Hydro miners, expected to add up to 6.5 EH/s. HIVE aims to reach 18 EH/s by August 2025 and 25 EH/s by Thanksgiving, all fully funded and improving their ASIC efficiency to lower Bitcoin production costs. The +10 EH/s milestone reflects both scale and efficiency gains, marking HIVE’s place among the industry’s largest and most efficient miners.
Difficulty Keeps Hashprice in Check
A -7.48% downward difficulty adjustment combined with BTC’s surge to new highs in early July pushed hashprice up to $64/PH/day, the highest level year-to-date. However, as BTC price stabilized, a 7.96% upward difficulty adjustment brought hashprice back below $60/PH/day. The most recent adjustment on the 25th was minor, only 1.07%, and had little impact on hashprice.
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Tariffs Reshape Bitcoin Mining Supply Chains
Price of ASICs Mostly Unaffected by Tariffs
Tariffs Reshape Bitcoin Mining Supply Chains
The Trump import tariff policies are beginning to reshape the Bitcoin mining industry in the US, with companies adjusting supply chains to mitigate rising costs on foreign-made hardware. Two recent developments highlight this trend.
Bitcoin ASIC producer Canaan, struck a deal with Cipher Mining to deliver 6,840 Avalon A15Pro units to Texas in Q3 2025. Notably, these machines will be manufactured in both the U.S. and Malaysia, marking Canaan’s first significant U.S. production order. This shift allows Cipher to sidestep potential tariffs on Chinese imports and accelerate domestic deployment, adding 1.5 EH/s to its hashrate.
Meanwhile, Bitmain has quietly increased shipments of electronic components from China to its U.S. subsidiary. According to TheMinerMag, around 187,000 kg of Antminer parts were shipped to the US since June 2025. This pivot suggests a move toward localized assembly to reduce tariff exposure, mirroring a similar strategy employed by MicroBT’s U.S. partner. Together, these examples signal a broader push by mining firms and hardware makers to reconfigure logistics and manufacturing in response to escalating trade barriers and geopolitical uncertainty.
Price of ASICs Mostly Unaffected by Tariffs
Since the initial tariff announcements, ASIC prices have largely remained unaffected. Only the most efficient tier has seen a price increase—rising by $1.45 per TH, or 9.2%—which makes sense given tariffs, as these units are the least available in the U.S. and must be imported. Demand surged immediately after the April tariffs were announced, with U.S. resellers rushing to restock. However, the price movement for these machines mainly tracks Bitcoin’s price, hitting a historic low when BTC fell to $75K in April and reaching a yearly peak as BTC crossed $110K on May 22nd. With BTC now around $120K and hashprice steady just below $60/PH/day, a further Bitcoin price rally could trigger another surge in ASIC prices.
Bitzero Raises $25m to Scale Green HPC Data Centres
Argo Blockchain is facing Nasdaq delisting
Mara to raise up to $1B for Bitcoin and operations via debt sale
Canaan Inc. to Produce A15Pro Miners for Cipher Mining
HIVE Digital Technologies Surpasses 13 EH/s
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