While the Bitcoin market remained relatively stable in the latter part of Q3 as discussions about spot ETFs subsided, the hash rate exhibited consistent growth throughout the quarter. It recently reached a fresh milestone, surging from 250 EH/s at the start of 2023 to more than 400 EH/s this month.
Bitcoin mining difficulty is also showing no signs of stopping as it set a new all-time high of 57.11 T. While hash price conditions remain challenging, the new Coin Metrics report suggests that “savvy” Bitcoin miners continue to add operational hash rate. In fact, the mining landscape in 2024 is set to get more complicated.
Complexity of the Mining Landscape in 2024
As the next halving event approaches within a year, miners in the United States are ramping up their production efforts. They are simultaneously managing their mining fleets in anticipation of the upcoming reduction in block rewards in the spring.
This trend towards greater efficiency across the network is evident in the dat
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