According to Odaily, the latest "Network Status" report from Coin Metrics and analyst Matías Andrade highlights significant shifts in the Bitcoin mining industry following the 2024 halving event. The report indicates a sharp decline in mining revenue per TH/s in BTC terms post-halving. However, the Bitcoin price surge to over $105,000 has mitigated some of the impact. Despite this, profitability remains below pre-halving peaks, suggesting that miners striving to maintain profit margins will face challenges.
Coin Metrics' analysis reveals that publicly traded Bitcoin mining companies have outperformed Bitcoin's price growth, which has experienced significant fluctuations. Since July, Bitcoin has increased by 54.3%, with leading mining companies' stock prices also seeing substantial gains. Hut8, Bitdeer, and Core Scientific have been at the forefront, with increases of 68%, 78.5%, and 60.2%, respectively. Researcher Matías Andrade emphasizes that strong financial operations and cutting-edge mining equipment are crucial for distinguishing successful companies. Companies holding Bitcoin during the bear market have also benefited financially from the BTC price rebound.
Additionally, mining hardware technology has been rapidly advancing. Andrade stresses the importance for miners to keep their equipment up-to-date to remain competitive. Looking ahead, the report underscores the importance of miners adapting to the reduced Bitcoin supply, fine-tuning operations, and leveraging cheap energy sources.
