In October 2025, the world’s top Bitcoin miners marginally increased production, and overall costs and network difficulty reached all-time highs. At the same time, some mining companies have begun to shift their strategic focus to AI-related data infrastructure.
The move was aimed at diversifying revenue streams and reducing dependence on Bitcoin price fluctuations.
Bitcoin production volume slightly decreased, BTC sales volume trending upward
Overall Bitcoin (BTC) mining production compared to September Slightly decreased, mainly due to increased mining difficulty and unstable power supply It spans several regions of North America.
Specifically, Cango Inc. mined approximately 602.6 BTC in October, bringing its total Bitcoin holdings to 6,412.6 BTC. CleanSpark reported similar production to September, producing 612 BTC during the month.
Riot Platforms mined 437BTC, down from 445BTC in the previous month. Total Bitcoin holdings reached 19,324 BTC, an increase of 37 BTC from last month. However, given production volumes, the data suggests the company likely sold some of the Bitcoin it mined to manage cash flow.
BitFuFu generated 253 BTC, bringing its total holdings to 1,953 BTC, suggesting that it may liquidate BTC to optimize its capital.
Among small miners, the DMG blockchain mined 23 BTC, increasing its total holdings to 359 BTC. Meanwhile, LM Funding America maintained stable production levels. Despite their small size, these small entities help keep Bitcoin decentralized by distributing the global hashrate more evenly.
October Bitcoin mining production by some listed companies. Source: BeInCrypto
Marathon Digital Holdings (MARA) and Cipher Mining have not yet released their October Bitcoin production data. However, both companies announced positive financial results for the third quarter of 2025, demonstrating operational resilience despite the September downturn.
Marathon maintained its industry leadership with record profits of $123 million in the third quarter of 2025. According to on-chain data, MARA’s mining address transferred 2,348 BTC (approximately $236 million) within 12 hours, which may have been profit taking following Bitcoin’s recent price increase.
Cipher Mining also reported solid quarterly results with $72 million in revenue and announced the issuance of $1.4 billion in high-yield bonds to fund data center projects in conjunction with Google.
Similarly, TeraWulf expects third-quarter 2025 revenue to be between $48 million and $52 million. The company raised $3.2 billion in senior secured notes to expand its U.S.-based infrastructure. These large funding moves highlight broader industry trends. Leading miners are repositioning themselves as providers of digital infrastructure, bridging Bitcoin mining and AI-driven high-performance computing (HPC).
Production costs are at an all-time high, and industry competition is intensifying
According to MacroMicro, the average cost to generate 1 BTC has soared to $114,842, hitting an all-time high level. Meanwhile, Bitcoin mining difficulty increased by 6.31% to 155.97T, setting a new all-time high for the network. Bitcoin’s market price is hovering around $102,000, and the widening gap between market value and break-even point is putting pressure on profit margins, especially for small businesses.
Average production cost per BTC. Source: Macro Micro
In response, miners are under pressure to increase energy efficiency, invest in next-generation ASICs, and scale their operations to ensure profitability. Industry leaders such as Cipher, TeraWulf, and CleanSpark are experimenting with hybrid models that combine Bitcoin mining and HPC for AI workloads. As cost pressures increase, this strategy is increasingly seen as inevitable.
At the same time, governments and sovereign wealth funds are entering the Bitcoin mining sector to strengthen their control of strategic energy and data assets. This increased “nationalization” of mining could reshape global power structures as some countries leverage their surplus energy resources to mine Bitcoin more efficiently, thereby reducing their dependence on private operators.
October 2025 marks the beginning of a significant structural change in the Bitcoin mining industry. Only companies with strong technology capabilities, financial stability, and long-term vision are likely to survive.
As energy costs and mining difficulty continue to rise, 2026 could see the biggest wave of mergers and consolidation in industry history, paving the way for a global hybrid model that integrates Bitcoin mining and AI data computation.
The post October BTC Mining: High Costs, Tight Margins, and AI Transformation appeared first on BeInCrypto.
