digest
Mining
Nov 2025
From sell pressure to steady stacks: miners hold, institutions follow
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.
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.
Here are some key questions our team will attempt to answer in this article:
- Why is the United States striving to increase bitcoin reserves, and what tools do authorities have to raise their crypto holdings?
- Why is bitcoin-mining difficulty rising, and how does it affect the global industry’s growth rate?
- What are the consequences of intensifying competition in the post-Soviet space between states trying to become mining hubs, and what is Kazakhstan's role in the sector?
- Can the company Bitdeer unseat Bitmain from its top position in the ASIC-equipment manufacturer ranking?
Shift happens
US bitcoin reserves exceed $35 bln
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
Source: HashRate Index
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.
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.
Conclusions
– 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.
– 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-mining difficulty grows 70% in a year
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).
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).
Source: HashRate Index
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.
Source: HashRate Index
EMCD Research reminds miners that performance of ASICs can be improved via firmware updates. Firmware for equipment is available on our site.
Takeaways
- Monitor bitcoin’s network metrics in real time. Use trusted analytics platforms to track hashrate, difficulty, and mining profitability
- Real-time data helps you react quickly to market shifts, scaling capacity up or down to match changing conditions
Tech and gear
Can Bitdeer’s new miners challenge Bitmain’s dominance?
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.
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.
Source: DLM
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.
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.
Takeaways
- Competition in the ASIC-hardware market will keep intensifying as manufacturers fight for performance gains and sales. Track new releases regularly to stay ahead of efficiency trends.
- Learn to compare ASIC specifications in real time. Understanding key performance metrics helps you choose the most profitable and reliable models for bitcoin mining.
EMCD radar
From performance to profit
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.
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.
Why miners choose Hashport:
0% pool fee through 2025 — best terms on the market
Data centers in Ethiopia and Paraguay, from $0.06/kWh
One dashboard for income, uptime, and device tracking
Verified partners: Bitmain, MicroBT, Canaan
24-hour activation after purchase
Flat pricing — no hidden fees, no surprises
EMCD 2024
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