According to U.Today, cryptocurrency mogul Mike Novogratz has declared 2024 a 'pivotal' year for Bitcoin mining. He praised the industry's resilience through economic challenges and shared insights from a recent Galaxy Digital report highlighting key trends in cryptocurrency mining for the year.
One of the significant developments noted is the integration of cryptocurrency mining with artificial intelligence (AI) and high-performance computing (HPC). Novogratz emphasized that this integration is reshaping the mining landscape, creating new opportunities, and underscoring the importance of power access.
Galaxy Digital has revised its year-end hashrate target to 775 EH, anticipating that public miners could control up to 30% of the network's hashrate. The firm expects mining machines to become more efficient, though there remains uncertainty about their deployment. For Bitcoin's hashrate to grow healthily, the price of Bitcoin needs to stay within the $65,000-$70,000 range; otherwise, mining could become economically unsustainable. Notably, Bitcoin mining difficulty dropped below 80 T earlier this July for the first time since the last halving event.
In the first quarter of the year, Bitcoin mining companies secured a record-breaking amount of equity capital. This capital was essential for building cash buffers and improving equipment efficiency. Galaxy Digital predicts that significant capital-raising activities will continue in the second half of the year.
