Bitcoin network hashrate hit a new record on September 1, 2024, surpassing 742 EH/s. 🚀

- Since 2021, the hashrate has been steadily growing due to improvements in mining equipment.

- However, this leads to an increase in mining costs, forcing miners to upgrade their equipment and spend more energy.

Miners face economic difficulties:

- August 2024 was the worst month for profitability since September 2023.

- MARA and Riot Platforms have the highest mining costs at $55,700 and $62,000 per BTC.

Some miners are considering diversifying into AI and high-performance computing to offset losses. MARA is also experimenting with renewable energy sources to stay competitive.