Miners sold far less in September, sending fewer bitcoins to exchange-linked pools and easing market pressure. The price held above $115 000, and if the trend continues, could reach $150 000 by late 2025. Institutional momentum is growing too. EMCD Research notes that retail and corporate demand for BTC hit record highs last month — proof the market’s base is still expanding.

In this issue, we look at how miners reshaped their strategy, what’s changing in the ASIC market split between Bitcoin and Bitcoin Cash, and which regions are driving the next phase of mining growth

When it comes to bitcoin’s price, two things matter most: miner behavior and demand. Both hit new highs in September.

Accumulation wallets have come alive again — something last seen in early 2025. Previous rallies looked tame compared to the current pace of stacking. Flows from mining pools tell the same story. CryptoQuant data shows the volume of BTC heading from pools to exchanges has been drying up. Miners are holding on to more of their output, which takes pressure off the market.

Mid-September’s move above $115 000 lined up exactly with a drop in BTC transfers to exchange addresses. If $112 000 holds in the coming months, a push toward $150 000 by the end of 2025 looks realistic.

Bitcoin Cash just pulled off its strongest rally since spring 2024. BCH burst through $644 and logged a yearly high. Mining power followed fast. Hashrate jumped to 6.39 Eh/s — the highest since July 2024.

Back in August, the network ran near 3 Eh/s. Within a month, that figure more than doubled. What’s striking is that this happened while most online chatter stayed bearish.

On Telegram, X, Reddit, and 4Chat, users doubted BCH could recover — yet it turned into one of the standout performers of the September alt season, EMCD Research notes.

The Middle East is quickly turning into a mining hub, and the United Arab Emirates are leading the charge. Their share of global hashrate stands at 3.544%, with local miners running around 32 Eh/s.

The country launched a national mining program run directly by the government. None of the mined coins are sold — they go straight into state reserves.

Arkham Research traces 6 335 BTC worth about $700 mln held under this initiative, all mined near Abu Dhabi. The rigs use water or immersion cooling — air systems simply don’t survive the heat and dust. More mining hubs are already on the drawing board.

Funding comes from both domestic players and Western mining companies. Building data centers in desert conditions isn’t simple, so the UAE are partnering with teams from North America and Europe to expand capacity.

Mining rigs burn through huge amounts of power, and about 90% of that energy turns into heat. Managing it well keeps hardware alive and bills under control. Most farms still blow the heat away, but more miners are starting to put it to work — heating warehouses, homes, or even greenhouses.

Some setups now route warm air or water directly into agricultural systems, helping crops grow in colder climates. Exhaust temperatures typically sit between 40 °C and 60 °C, sometimes hitting 90 °C at full load. Others use the heat in fish farms to stabilize water temperature.

A few projects even power saunas and pools — rigs mine crypto and heat the facilities at the same time, notes EMCD Research.

Scaling a mining operation sounds easy until you get into the details. Finding the right hardware, negotiating prices, securing reliable hosting, and keeping everything running smoothly can quickly turn into a full-time job. Hashport by EMCD takes that weight off your shoulders, giving miners a simple, efficient way to grow without dealing with the infrastructure themselves.

At the same time, Hashport solves one of the toughest challenges in mining — the cost of electricity. EMCD hosts miners in regions with some of the lowest energy rates in the world, including Ethiopia and Paraguay, turning every kilowatt saved into higher profit.

With Hashport, your hardware works smarter, not harder. You invest once, and EMCD takes care of the rest: sourcing, setup, hosting, cooling, and maintenance in high-efficiency data centers. All you do is track your hashrate and earnings in one dashboard. No logistics, no downtime, no technical stress — just steady, optimized performance managed by EMCD experts.

1. Reliable equipment, ready to run. EMCD supplies only tested miners from trusted brands like Bitmain, MicroBT, and Canaan. The newest model — Canaan Avalon A1566 — offers one of the best efficiency ratios on the market

2. Global data centers with low-cost energy. Hashport connects you to EMCD’s worldwide network of data centers, strategically located in regions with affordable electricity. With facilities in Ethiopia and Paraguay, miners benefit from optimized hosting costs and easy access to top-tier infrastructure. Hashport users also enjoy 0% pool fees through the end of 2025, mining on EMCD’s pool with over 22 EH/s of global hashrate — one of the top 10 pools worldwide

3. Transparent terms and steady returns. Every cost is clear from the start, with no hidden fees or fine print. Mining with EMCD Hashport is not just about earning crypto; it is about building predictable, sustainable returns. Your hardware remains your asset, and you can upgrade or sell it anytime. Setup takes less than 24 hours, and electricity rates start from $ 0.06 per kWh or even lower

Hashport turns scaling into a straightforward and profitable process. Instead of juggling logistics or chasing hosting deals, you have one trusted partner managing everything while you focus on results.

Click here to start earning — join Hashport and lock 0% pool fees through 2025.

In this issue, the EMCD Research team reviewed several key developments shaping the global mining industry.

We highlighted a few trends that continue to make the sector more efficient and resilient:

• Countries such as the United Arab Emirates have taken a serious step toward developing state-backed mining. The coins mined under this program never reached exchanges, but instead became part of the UAE’s national crypto reserve. The trend of forming sovereign digital asset reserves is gaining momentum, with the United States taking the lead since Donald Trump’s return to the White House

• Miners sharply reduced bitcoin sales in September, holding back from sending BTC to exchange addresses. Most pools now have enough liquidity to maintain operations without selling, which helps stabilize the market

• Bitcoin Cash, the 2017 fork of bitcoin, also drew fresh attention from miners. Its hashrate jumped alongside the coin’s rally in September. BCH can be mined with the same ASIC hardware used for bitcoin, allowing miners to switch networks and capture additional yield

• The reuse of mining heat is gaining ground as a practical way to boost efficiency. More miners are finding ways to channel the heat generated by ASIC rigs into heating systems, agriculture, and other applications. This approach turns an operational by-product into a new source of value — a theme explored earlier in this digest

We’re not here to predict the future, just to give you something worth thinking about

After numbers and charts, there’s always a moment to step back. The market moves in cycles, but understanding those cycles takes more than data — it takes perspective. This section is not about signals or forecasts. It is about reflection, awareness, and the mindset that keeps a miner ahead of the curve. This card is not a forecast. It is ignition. Investment Alchemy speaks about drive, creation, and the force that turns energy into value. It burns fast but not aimlessly — it is the spark that begins movement, the signal that the cycle of action has started. It is not about control; it is about momentum.

A miner’s torch flares against a dark horizon. Sparks scatter like data streams. The flame is not steady — it dances, alive and unpredictable. Around it, silhouettes of rigs glow faintly, their lines trembling in the heat. This is not calm. It is the pulse of work, the hum of potential becoming motion.

Flame of Hash reminds you: power is nothing without purpose. High hashrate, quick profits, constant motion — they mean little if they don’t build something lasting. Yet without the fire, nothing begins. This card favors initiative, experiment, and risk tempered by awareness. Burn bright, but not blind.