Bitcoin Mining Profitability and Market Cap Surge in May 2025

In May 2025, Bitcoin mining profitability experienced a notable surge, driven by a combination of rising Bitcoin prices and improved mining efficiency. According to JPMorgan, daily block reward revenue increased by 16%, reaching $51,600 per exahash per second (EH/s). This growth was accompanied by a nearly 20% rise in the total market cap of 13 U.S.-listed miners tracked by the bank. The network hashrate also saw a significant uptick, climbing approximately 25 EH/s to an average of 897 EH/s, reflecting heightened competition in the mining sector. As of June 2, 2025, the BTC price stands at 104,476.19 USDT, underscoring the bullish momentum in the cryptocurrency market. This article delves into the factors behind these developments and their implications for the future of Bitcoin mining and investment.

Bitcoin Mining Profitability Surges in May as Market Cap Rises

Bitcoin mining profitability saw significant improvement in May, with JPMorgan reporting a 16% increase in daily block reward revenue to $51,600 per exahash per second (EH/s). The total market cap of 13 U.S.-listed miners tracked by the bank ROSE nearly 20%, buoyed by Bitcoin’s rally and higher mining efficiency.

Network hashrate climbed approximately 25 EH/s to an average of 897 EH/s, reflecting intensified competition and greater computational power dedicated to securing the blockchain. Gross profit from daily block rewards jumped 36% month-over-month to $27,900 per EH/s.

IREN led the group with a 37% surge, while Bitfarms lagged with an 8% decline. Seven of the thirteen tracked mining firms outperformed Bitcoin’s price movement during the period.

MicroStrategy Doubles Down on Bitcoin with $75M Purchase, Nearing 3% of Total Supply

MicroStrategy has added another 705 bitcoins to its corporate treasury at an average price of $106,495 per coin, bringing its total holdings to 580,955 BTC. The $75.1 million purchase reinforces CEO Michael Saylor’s conviction in Bitcoin as a core corporate asset, despite ongoing market volatility.

The company now controls approximately 2.75% of Bitcoin’s total theoretical supply, with its cumulative investment reaching $40.68 billion. MicroStrategy’s aggressive accumulation strategy continues yielding returns, showing a 16.9% gain year-to-date in 2025.

This latest acquisition, disclosed in SEC filings, demonstrates institutional confidence in Bitcoin’s long-term value proposition. The company’s average purchase price remains well below current market levels at $70,023 per BTC, positioning it favorably as bitcoin trades above its acquisition cost.

Strategy and Metaplanet Amplify Bitcoin Holdings Amid Market Dip

Corporate Bitcoin accumulation reached a strategic inflection point as institutional players Strategy (formerly MicroStrategy) and Metaplanet deployed $200 million during May’s market correction. The coordinated buying spree occurred when BTC briefly tested $103,000 support levels, with both entities acquiring nearly 2,000 coins.

Strategy’s June 2 disclosure revealed a 705 BTC purchase executed between May 26-30 at an average $106,495 per coin. The enterprise software firm’s treasury now commands 580,955 BTC—representing 2.8% of Bitcoin’s total supply. Executive Chairman Michael Saylor noted the $40.68 billion position carries a $70,023 average cost basis, currently yielding $20 billion in unrealized gains.

Notably, this acquisition marked Strategy’s first Bitcoin allocation not funded through MSTR common stock dilution. Instead, the company Leveraged its STRK and STRF preferred share offerings, raising $74.6 million last week alone. The move signals evolving corporate treasury strategies as Bitcoin matures as a reserve asset.

Derivatives Trader James Wynn’s $100M Bitcoin Wipeout Echoes Crypto Leverage Risks

James Wynn’s meteoric rise and catastrophic fall on Hyperliquid spotlights the perennial dangers of overleveraged crypto trading. The derivatives trader turned $4 million into $100 million before a 2% Bitcoin move erased $82.5 million in profits plus $17.5 million in principal. "I’ve decided to give perp trading a break," Wynn conceded on X, joining a graveyard of leveraged traders like 2021’s Alex Wice and BitMEX-era pseudonymous gamblers.

While crypto derivatives serve legitimate hedging purposes - allowing holders to short 500 BTC ($52M) positions without liquidating spot assets - they’ve become notorious as casino chips for degenerate betting. The sector continues cycling through cautionary tales of traders mistaking bull market luck for skill, only to discover gravity always wins.

Bitcoin’s Missed Moment in Dark Economic Times

Bitcoin emerged from the shadows of the 2008 financial crisis as a revolutionary alternative to centralized financial systems. Its WHITE paper wasn’t just a technical document—it was a manifesto against the inherent flaws of central banking. The Genesis Block’s embedded Times headline about UK bank bailouts underscored its anti-establishment ethos.

Designed as both currency and shield, Bitcoin’s Proof-of-Work mechanism and self-custody features promised protection against currency debasement and asset seizure. Yet as global economic instability resurges, the cryptocurrency remains conspicuously absent from its destined role as a SAFE haven. The US dollar, despite mounting pressures, continues to dominate as the world’s crisis currency.

The paradox highlights Bitcoin’s unfulfilled potential. Created precisely for moments when trust in institutions falters, the digital asset now watches from the sidelines as its foundational thesis plays out in real-time. Market participants increasingly question why the promised hedge against systemic risk hasn’t materialized when needed most.