According to ChainCatcher, Galaxy released the 2024 mid-year report on Bitcoin mining.

The main points are as follows:

1. As hash prices hit record lows, mining difficulty dropped 10% from a peak of 88.1 T (630 EH/s) to a post-hashing low of 79.5 T (569 EH/s) in early July. At press time, the difficulty is 82.0 T (587 EH/s);

2. In Q1 2024, listed mining companies raised a total of US$1.8 billion, the highest quarterly financing amount in the past three years;

3. As the value of available power capacity soars, debt capital markets are expected to re-emerge in the second half of 2024 and 2025;

4. Miners that have been granted large-scale power capacity, purchased long-term infrastructure, and have access to water and fiber optics are in the best position to leverage AI;

5. In the annual report, we expected the hash rate target range to be 675 EH to 725 EH by the end of 2024, and combined with public miner information, seasonal trends and profitability analysis, the growth rate was adjusted upward to between 725 EH and 775 EH.

6. From January 1 to July 23, Bitcoin miners generated 12,970 BTC ($863 million as of July 23) in transaction fees. Fees earned by miners account for approximately 55% of the total fees accumulated in 2023 (23,400 BTC).

7.To date, the total value of all transactions exceeds $460 million, mainly divided into site sales, reverse mergers and company acquisitions. It is expected that industry M&A activities will continue.