Major Industry Developments Revealed (Report)

In the year By 2024, the Bitcoin mining industry has recorded significant developments and historic developments. According to reports from Bitcoin mining entities NiceHash and Digital Mining, 2024 was a record-breaking year for the promising industry.

NiceHash and Digital Mining By 2024, the mining industry is sure to witness high demand for space, increased hashrate, and new trends in mining machine models. Large mining companies also expanded through mergers and acquisitions, increasing their production and efficiency.

Mining development In 2024

In the year In 2024, the Bitcoin network started at block 823,807 and finished at block 877,270, producing 53,463 blocks in an average of 9 minutes and 83 seconds. By reducing the Bitcoin halving from 6.25 BTC to 3.125 BTC per block mining rewards, 93.75% of all Bitcoins have been mined.

Bitcoin miner ViaBTC produced the highest payouts seen since May 2021 with a half-block: 37.626 BTC in transaction payouts. More than a month after the halving, Marathon Digital produced the largest bitcoin block ever, measuring 3,990.36 kilobytes. In particular, the first 100 blocks after the last half had an average payout of 11.19 BTC.

Although the halving makes 2024 a challenging year for miners, these entities still add a record amount of hashrate to the Bitcoin network. The year started at 515 EH/h Hashret and ended at 807 EH/h Hashret which is 808 EH/h more than ever. This represents a hashrate growth of 56.7% or 292 EH/s.

Additionally, the halving event caused Bitcoin's hashprice to record a record low, and the network saw 26 problem fixes.

Predictions for 2025

The United States maintains its dominance among the leading regions in the mining industry. However, NiceHash and DigitalMiner have discovered that Africa and South America are emerging regions as miners tap into their untapped energy resources.

Also, there was a significant shift among Bitcoin miners, with many turning to Bitcoin (BTC) treasury strategies. Many miners have taken measures not only to hold the coins they have produced, but also to raise capital to make further purchases.

Additionally, miners have expanded their capacity by upgrading their mining machinery, pursuing strategic acquisitions, and taking in new capital in a variety of ways, including initial public offerings. In fact, the market value of publicly traded mining shares exceeded 50 billion dollars for the first time.

Interestingly, the halving event led to a decrease in BTC production in 2024, but a higher BTC price helped mitigate the impact of the reduced production.

Meanwhile, NiceHash and Digital Mining have outlined several predictions for the mining industry by 2025, including wider adoption of the bitcoin treasury strategy, increased profitability for miners, and a network hashrate exceeding 1 zettahash.