By Nico Smid and Cindy Feng · Sponsored by NiceHash
Click below to download the full 2025 Annual Bitcoin Mining Report.

Nico Smid is an industry analyst and the founder of Digital Mining Solutions, known for producing high-quality research on the global mining ecosystem. This report is part of an ongoing partnership between NiceHash and DMS, providing valuable insights to miners worldwide.
Cindy Feng is the founder of Bitcoin Mining Stock, a data and research platform dedicated to the digital-asset equities market. Known for providing institutional-grade datasets and benchmarking tools, her analysis supports investors and corporate teams in navigating the broader ecosystem with clear, actionable insights.