Bitcoin mining has entered the most competitive phase ever.

The Bitcoin mining industry is undergoing a major shift. Once dominated by a few “big players,” mid-tier companies like Cipher Mining, Bitdeer, and HIVE Digital are rising strongly, turning years of infrastructure investment into tangible results in hashrate. Their output is now approaching that of leading names like MARA Holdings and CleanSpark.

In September, the actual hashrate of listed mining companies reached approximately 326 EH/s — double that of the same period last year and accounting for nearly 1/3 of the total Bitcoin network power. However, this expansion comes with public debt rising to 13 billion USD, primarily to invest in equipment, renewable energy, and AI infrastructure. After the halving event that reduced the block reward to 3.125 BTC, the industry is shifting towards innovation and strategy rather than relying solely on scale.