US President Donald Trump has signed an order to establish a national bitcoin reserve. On the campaign trail, Trump repeatedly pledged to fully legalize not just mining but all crypto operations.

At the same time, Trump announced measures to build a reserve that will include BTC seized from criminals. In October, the total value of the bitcoins held by the US government exceeded $35 bln.

In this issue of the digest, we’ll break down the factors driving the growth of bitcoin infrastructure, and, as usual, we will analyze the main events in the mining industry over the past two weeks.

In mid-October, the US Department of Justice and the Eastern District of New York filed a seizure complaint against a former Chinese national accused of building a fraud network. The defendant, Chen Zhi, allegedly participated in money laundering and online casino operations in Cambodia. Prosecutors demanded the confiscation of 127 271 BTC held in wallets linked to the accused

As a result, the US bitcoin reserves surged last month. If before the seizure they were valued at about $22 bln (197 354 BTC), now the sum of the crypto held in government wallets stands at $35.9 bln in dollar terms.

As of November 1, the United States held 325 447 BTC. Government wallets also contain USDT worth $351.399 mln, ETH worth $239.33 mln, plus WBTC, BNB, WBNB, WETH, BUSD and many other coins.

In the ranking of nations holding bitcoin, the United States comes first, despite lacking comprehensive crypto-legislation.

– Donald Trump signed an order to form a bitcoin reserve. The government decided to accumulate crypto seized from criminals. Still, authorities could sell part of these holdings if needed, which would likely pressure the price. It’s worth tracking not only US reserves but also bitcoin balances held by other states

– Accumulation of BTC is not limited to governments. Corporations are also adding to their reserves. The leader is Michael Saylor’s Strategy, while major IT firms continue to recognize bitcoin’s long-term potential and invest heavily in digital assets, notes the EMCD Research team.

Bitcoin’s rising hashrate shows miners are competing harder than ever. In early October, mining difficulty exceeded 150 T for the first time ever. A year earlier, this figure was about 88 T, meaning difficulty jumped roughly 70% over 12 months. This metric is updated about every two weeks, and the hashrate remains above 1 Zh/s. Over the year, computing power rose 55% from 680 Eh/s.

Weekly crypto-production volume is approximately 3 271 BTC, worth $364 mln. In seven days, miners earn transaction fees of around $2.35 mln (21 BTC).

Average block-time in the network surpassed 11 minutes, and hash price stands just above $50 per PH. At that level, most modern ASICs, including Antminer S19 and S21 series, are at breakeven or slightly profitable.

EMCD Research reminds miners that performance of ASICs can be improved via firmware updates. Firmware for equipment is available on our site.

After China restricted miner operations, many relocated to other Asian countries. Growth in the region is led by Middle East states. However, some post-Soviet nations are ready to challenge the dominance of the UAE and Oman. In the post-Soviet space, second place after Russia belongs to Kazakhstan, accounting for 2.134% of the global bitcoin hashrate.

Kazakhstan’s total mining power is about 22 Eh/s. But from 2024 the government increased control over miners. During that period, authorities seized crypto worth $642 000 from clandestine miners, reports the Financial Monitoring Agency (AFM). Since last year, 17 criminal cases were initiated for energy theft, and total damage from crypto-mining reached 1.3 bln tenge ($2.37 mln). Mining is permitted only with a license, tax compliance, and a power-supply contract. Most illegal farms were found in Astana, Shymkent and Kostanay. The AFM called for legal development of mining in the country. Over the last three years, compliant companies have paid more than 17 bln tenge ($31 mln) in taxes.

Bitmain still holds the top spot in the ASIC-hardware market. Its S21 and S23 series are designed to secure the company’s lead among mining-equipment manufacturers.

But competitors are moving fast. Bitdeer recently launched the Sealminer A3 line, which includes both air-cooled (A3 Air, A3 Pro Air) and hydro-cooled (A3 Hydro, A3 Pro Hydro) models.

The flagship A3 Pro Hydro delivers a hashrate of 660 TH/s with an energy efficiency of 12.5 J/TH. The design reduces power use per unit of hashrate and runs quieter than previous generations.

At current prices, the A3 Pro Hydro can earn about $26.5 per day. With hydro-cooling and moderate energy draw, it stands out as one of the most balanced rigs on the market.

In the long run, the Sealminer A3 series could chip away at Bitmain’s dominance. Still, Bitmain’s Antminer S23 Hydro 3U and Antminer S21e XP Hydro 3U remain the most profitable rigs for now, notes the EMCD Research team, citing AsicMinerValue data.

Even top-tier ASICs need the right setup to deliver real returns. Power stability, uptime, cooling, and maintenance make all the difference.

Hashport by EMCD gives your hardware that edge — a turnkey mining solution with ready infrastructure and full service included. Hosting, cooling, maintenance, and pool connection are all handled, so you can focus on growing profit, not managing rigs.

The United States now holds the largest bitcoin reserves in the world. The government has strong tools for blockchain monitoring, which allow it to detect illicit transactions and seize crypto from criminal operations.

– The US administration has no plans to sell the confiscated bitcoins. All seized coins are transferred to the national reserve, whose total value surpassed $35 bln last month.

– Growing competition among mining pools continues to push network difficulty higher, notes the EMCD Research team. Over the past year, bitcoin’s mining difficulty rose by nearly 70%. Further increases are expected as global mining infrastructure expands and new, more efficient equipment enters the market.

– The United States, China, and Russia lead the world in total network capacity. Other countries are moving quickly to close the gap. Kazakhstan, for example, is tightening control over the industry while at the same time creating conditions for legal mining and investment in energy-grid modernization.

– Bitdeer is challenging Bitmain’s dominance with its new A3 series. The top model, the A3 Pro Hydro, delivers 660 TH/s at 12.5 J/TH — one of the most efficient rigs available today.

The US is quietly building the world’s largest bitcoin reserve. Mining power is shifting, efficiency records are breaking, and global competition is heating up. Behind every chart is a question — who adapts fastest, and who’s left behind? This section looks at those turning points: what drives the cycle, where pressure builds, and what it means for the next phase of the network.

This card isn’t about control. It’s about motion — the point where preparation meets timing. A single shift can change the whole mechanism. The image shows a gear half-lit by the glow of rigs, caught between stillness and rotation. Power builds quietly. The next move is yours.

The Turning Gear reminds you that real progress in mining depends on alignment — between hardware, infrastructure, and market timing. Upgrading a rig or joining a stronger hosting platform may seem small, but these are the changes that compound over time.