**Bitcoin Mining Industry Shifts Gears Amid Crypto Winter**

The 2022 crypto winter hit Bitcoin miners hard, pushing many into bankruptcy due to high debt levels. By Q3 2022, the industry began deleveraging, cutting down debt to improve creditworthiness and focus on strategic growth. The exception was Q2 2024, skewed by a $150 million investment in Hut 8.

From Q4 2023, miners turned to equity issuance, raising over $4.9 billion by Q2 2024, a 300% increase from the previous three quarters. Funds were mainly used for hardware upgrades to stay profitable post-halving.

Miners like TeraWulf and Hive are diversifying into high-performance computing (HPC) and AI, gaining easier access to equity capital. This move has boosted their valuations by 25% year-to-date, compared to a 3% decline for traditional miners.

Marathon Digital, however, is doubling down on Bitcoin, planning to acquire $100 million worth and adopting a full hodl strategy. Investors are skeptical, fearing over-reliance on Bitcoin prices and potential equity dilution.

As the industry evolves, Bitcoin miners are exploring new revenue streams, but face stiff competition from giants like Amazon Web Services and Google Cloud.