In 2025, the Bitcoin mining industry experienced a structural shift, with global hash rate increasing by 34% to 1048 EH/s, while the share of blocks mined by North American pools declined. Although Bitcoin prices once surged past $125,000, the increase in efficiency was offset by rising computational costs, causing the hash rate price to fall below $40/PH/s, and the ASIC mining machine market tilted in favor of buyers. Major public miners shifted their focus to artificial intelligence and high-performance computing data center strategies, which is reflected in stock performance and changes in financing methods, from mining equipment financing to convertible bonds for infrastructure development. With over 15 gigawatts of power capacity under development, energy acquisition has replaced hash rate growth as the key indicator of industry development.