{"id":20101,"date":"2025-01-04T10:00:00","date_gmt":"2025-01-04T08:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-mining-in-2024-the-halving-shock-and-an-ai-lifeline\/"},"modified":"2025-01-04T10:00:00","modified_gmt":"2025-01-04T08:00:00","slug":"bitcoin-mining-in-2024-the-halving-shock-and-an-ai-lifeline","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-mining-in-2024-the-halving-shock-and-an-ai-lifeline\/","title":{"rendered":"Bitcoin mining in 2024: the halving shock and an AI \u2018lifeline\u2019"},"content":{"rendered":"<p>The halving dented miners\u2019 revenues, yet hashrate hit record highs, diversification into AI computing became fashionable, and America consolidated its lead in the industry.<\/p>\n<p>A look back at what else defined bitcoin mining in 2024.<\/p>\n<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The industry weathered the fourth halving.<\/li>\n<li>Amid falling revenues, a boom in AI computing offered a \u2018lifeline\u2019 to many participants.<\/li>\n<li>Seismic shifts began among leading manufacturers of bitcoin miners.<\/li>\n<li>Africa, led by Ethiopia, is emerging as a new global mining hub.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">The halving and its consequences<\/h2>\n<p>On April 20 at block height #840,000 the fourth halving of the block reward <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-undergoes-fourth-halving\">took place<\/a>, cutting it from 6.25 BTC to 3.125 BTC.<\/p>\n<p>Through 2023 and into 2024 miners prepared for the inevitable revenue drop by reducing debt, upgrading to more efficient hardware and trimming costs.<\/p>\n<p>April\u2019s takings were buoyed by a sharp <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-transaction-fees-hit-record-high-on-halving-day\">surge in<\/a> fees after the halving-day launch of the Runes protocol. On April 20 alone miners earned $17.66 million in network fees (7 DMA) \u2014 nearly 25% of total revenue of $72.35 million.<\/p>\n<p>For the month, revenue reached $1.79 billion, of which block subsidies contributed $1.5 billion. Fees thus made up roughly 16%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"296\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Miner-Revenue-Monthly-Google-Chrome-3-1024x296.jpg\" alt=\"Bitcoin-Miner-Revenue-Monthly-Google-Chrome-3\" class=\"wp-image-248920\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Miner-Revenue-Monthly-Google-Chrome-3-1024x296.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Miner-Revenue-Monthly-Google-Chrome-3-300x87.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Miner-Revenue-Monthly-Google-Chrome-3-768x222.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Miner-Revenue-Monthly-Google-Chrome-3.jpg 1482w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/bitcoin\/bitcoin-miner-revenue-monthly\">The Block<\/a>.<\/figcaption><\/figure>\n<p>Once the frenzy around new assets faded, the fee share of bitcoin miners\u2019 revenue had by July reverted to roughly 2.5\u20133.5%. Cash flow halved compared with March.<\/p>\n<p>In April, CoinShares <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-miners-eye-ai-and-diversification-post-halving\">forecast<\/a> that industry players would offset the post-halving shortfall by expanding into artificial-intelligence computing and other income streams, while hoping for bitcoin price appreciation.<\/p>\n<p>One of the most visible AI-computing deals <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-to-earn-3-5-billion-from-ai-computing-deal\">was a 12\u2011year contract<\/a> Core Scientific signed with CoreWeave to provide 200 MW of infrastructure for hosting Nvidia GPUs.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">This morning, <a href=\"https:\/\/twitter.com\/search?q=%24CORZ&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CORZ<\/a> announced exercise of final contract option by <a href=\"https:\/\/twitter.com\/CoreWeave?ref_src=twsrc%5Etfw\">@CoreWeave<\/a> for delivery of ~120 MW of additional digital infrastructure to host high-performance computing operations.<\/p>\n<p>-Expands total contracted <a href=\"https:\/\/twitter.com\/hashtag\/HPC?src=hash&#038;ref_src=twsrc%5Etfw\">#HPC<\/a> infrastructure by CoreWeave to ~500 MW of critical IT load at\u2026 <a href=\"https:\/\/t.co\/zUmmfGFhnd\">pic.twitter.com\/zUmmfGFhnd<\/a><\/p>\n<p>\u2014 Core Scientific (@Core_Scientific) <a href=\"https:\/\/twitter.com\/Core_Scientific\/status\/1848698971646013445?ref_src=twsrc%5Etfw\">October 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In September, CEO Adam Sullivan said AI\u2019s potential could <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-bets-on-ai-computing-for-exponential-growth\">deliver \u2018exponential growth\u2019<\/a>, though not all of the firm\u2019s 1.2 MW infrastructure can be repurposed due to technical constraints.<\/p>\n<p>Core\u2019s chief development officer Russell Cann <a href=\"https:\/\/x.com\/CoinDeskPodcast\/status\/1864020623556501653\">noted<\/a> the flexibility of bitcoin mining in adjusting power draw \u2014 an option AI computing lacks. Some miners participate in demand\u2011response programmes. Riot Platforms, for instance, <a href=\"https:\/\/www.riotplatforms.com\/riot-platforms-reports-third-quarter-2024-financial-results-current-operational-and-financial-highlights\/\">earned $12.4 million<\/a> from curtailments in the third quarter, on top of $19 million in the first half.\u00a0\u00a0<\/p>\n<p>Moves into AI were also made by <a href=\"https:\/\/forklog.com\/en\/news\/terawulf-allocates-70-mw-for-ai-computing\">TeraWulf<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-leases-gpu-power-for-ai-computing\">Hut 8<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-miner-iren-ventures-into-ai-computing-with-pilot-project\">IREN<\/a> and <a href=\"https:\/\/hivecloud.com\/\">HIVE Blockchain<\/a>. Crusoe Energy Systems <a href=\"https:\/\/forklog.com\/en\/news\/crusoe-to-launch-1-2-gw-data-center-for-ai\">announced<\/a> a 1.2 GW data centre to serve AI companies.<\/p>\n<p>European miner Northern Data chose to <a href=\"https:\/\/forklog.com\/en\/news\/northern-data-to-divest-mining-business-and-focus-on-ai\">divest<\/a> its Peak Mining unit, whose hashrate should reach 7.9 EH\/s by end\u20112024, to focus on cloud computing.<\/p>\n<p>In the second half, JPMorgan <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-miners-emulate-microstrategys-bitcoin-strategy\">observed a trend<\/a> of some miners emulating MicroStrategy: not only holding mined BTC but also buying more using low\u2011coupon convertible debt. Examples include <a href=\"https:\/\/forklog.com\/en\/news\/mara-acquires-bitcoin-worth-618-million\">MARA Holdings<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-to-raise-500-million-to-boost-bitcoin-reserves\">Hut 8<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/riot-platforms-to-raise-600-million-for-bitcoin-acquisition\">Riot Platforms<\/a>.<\/p>\n<p>Analysts at <a href=\"https:\/\/blog.coinshares.com\/coinshares-q3-mining-report-23a06177291a\">CoinShares<\/a> estimate that, assuming current market conditions persist, direct investment in bitcoin over the next four years will be roughly four times as profitable as investing in mining.\u00a0<\/p>\n<p>In the autumn, a bitcoin rally supported mining economics, lifting the price to a record above $100,000.<\/p>\n<p>Hashprice (miners\u2019 revenue per unit of network hashrate) rose to about $60 per PH\/s per day, then, amid a pullback in bitcoin, eased to around $55. The metric is about 60% above the annual lows seen in August and September but roughly half of March\u2019s pre\u2011halving levels.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"381\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-30-1024x381.png\" alt=\"Untitled-1-30\" class=\"wp-image-248921\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-30-1024x381.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-30-300x112.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-30-768x286.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Untitled-1-30.png 1350w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/data.hashrateindex.com\/network-data\/bitcoin-hashprice-index\">Hashrate Index<\/a>.<\/figcaption><\/figure>\n<p>Rising difficulty, tracking hashrate, is putting further pressure on margins.<\/p>\n<h2 class=\"wp-block-heading\">Rising hashrate puts miners on the brink<\/h2>\n<p>In December, bitcoin\u2019s computational power reached a record 801 EH\/s (<span data-descr=\"seven-day moving average\" class=\"old_tooltip\">7 DMA<\/span>), according to <a href=\"https:\/\/studio.glassnode.com\/charts\/mining.HashRateMean?a=BTC&#038;category=&#038;ema=0&#038;mAvg=7&#038;mMedian=0&#038;s=1702098589&#038;u=1734048000&#038;zoom=\">Glassnode<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"457\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/glassnode-studio_mean-hash-rate-2-1024x457.png\" alt=\"glassnode-studio_mean-hash-rate-2\" class=\"wp-image-248918\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/glassnode-studio_mean-hash-rate-2-1024x457.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/glassnode-studio_mean-hash-rate-2-300x134.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/glassnode-studio_mean-hash-rate-2-768x343.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/glassnode-studio_mean-hash-rate-2-1536x685.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/glassnode-studio_mean-hash-rate-2.png 1800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: Glassnode.<\/figcaption><\/figure>\n<p>After the halving, some talked up miner capitulation; others, like CryptoQuant founder and CEO Ki Young Ju, <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-ceo-finds-no-signs-of-bitcoin-miner-capitulation\">disagreed<\/a>. In July, however, the firm\u2019s analysts <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-reports-bitcoin-miners-capitulation\">conceded<\/a> that miners had begun unplugging inefficient rigs and selling BTC reserves. A <a href=\"https:\/\/forklog.com\/en\/news\/experts-declare-end-to-bitcoin-miners-capitulation\">trend reversal<\/a> followed a month later, signalled by the Hash Ribbons indicator.<\/p>\n<p>In July the hashrate correction after the reward reduction reached its deepest point, then turned higher, outpacing bitcoin\u2019s price. As a result, on December 30 mining difficulty hit a <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-difficulty-reaches-new-all-time-high\">new all\u2011time high<\/a> of 109.78 T.<\/p>\n<p>CoinShares noted that network hashrate is rising in line with its exponential model. A continuation would push miners to the edge of profitable operation, the analysts warn.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1_pK4378Kqy7slAgP706yzvg.webp\" alt=\"1_pK4378Kqy7slAgP706yzvg\" class=\"wp-image-248097\"\/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>Public miners\u2019 disclosures show that, including all costs, the full cost to mine 1 BTC in September ranged from $33,925 (CleanSpark) to $81,014 (Bitdeer).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"588\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/0_mcPj-ezYUXEkL5dS-1024x588.png\" alt=\"0_mcPj-ezYUXEkL5dS\" class=\"wp-image-248098\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/0_mcPj-ezYUXEkL5dS-1024x588.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/0_mcPj-ezYUXEkL5dS-300x172.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/0_mcPj-ezYUXEkL5dS-768x441.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/0_mcPj-ezYUXEkL5dS.png 1468w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>Analysts reckon miners have ample resources to sustain profitability until the next halving in 2028. But once the reward drops to 1.5625 BTC, fees would need to make up at least 70% of revenue to keep the sector attractive to investors, especially versus direct bitcoin exposure. That seems unlikely, not least amid community <a href=\"https:\/\/forklog.com\/en\/news\/researcher-identifies-vampire-attack-on-bitcoin\">fears<\/a> about the outlook for on\u2011chain activity on Bitcoin.\u00a0<\/p>\n<p>CoinShares\u2019 expectations for hashprice are also downbeat: the metric should gradually drift lower into a $32\u201350 per PH\/s per day range by 2028.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Otchet-CoinShares-po-majningu-za-3-kvartal.-Majning-na-grani-rost-zatrat-i-Dzhejms-Batterfill-Oktyabr-2024.webp\" alt=\"Otchet-CoinShares-po-majningu-za-3-kvartal.-Majning-na-grani-rost-zatrat-i-Dzhejms-\u0411atterfill-Oktyabr-2024\" class=\"wp-image-248099\"\/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>To sustain profitability, miners need to cut costs and leverage, improve governance and raise fleet efficiency, CoinShares says.<\/p>\n<p>Many industry firms are now emphasising energy\u2011efficiency metrics for their fleets, setting specific targets.<\/p>\n<p>Manufacturers are focusing on the same parameter.<\/p>\n<h2 class=\"wp-block-heading\">New entrants crowd into the ASIC\u2011miner market<\/h2>\n<p>At the start of the year Bitmain\u2019s (Antminer) devices accounted for 50\u201360% of global bitcoin hashrate. MicroBT (WhatsMiner) had 20\u201330%, Canaan (Avalon Miner) about 10% \u2014 with roughly 10% for others.\u00a0<\/p>\n<p>Among the latter are Ebang, Bee Computing and Innosilicon \u2014 all based in China.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CoinShares-Mining-Report-2024-Opera.webp\" alt=\"CoinShares-Mining-Report-2024-Opera\" class=\"wp-image-248100\"\/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>The two leaders unveiled their latest ASIC generations in 2023.\u00a0<\/p>\n<p>Canaan caught up in May 2024, <a href=\"https:\/\/forklog.com\/en\/news\/canaan-unveils-new-line-of-bitcoin-miners\">launching<\/a> the Avalon Miner A15 line. Its flagship A15Pro <a href=\"https:\/\/www.canaan.io\/miner\/A15\/\">delivers<\/a> 16.8 J\/TH energy efficiency.<\/p>\n<p>Bitmain and MicroBT refreshed their line\u2011ups through the year, steadily improving that metric. The <a href=\"https:\/\/forklog.com\/en\/news\/bitmain-expands-antminer-s21-series-with-two-new-bitcoin-miners\">Antminer S21+ Hyd<\/a> reached 15 J\/TH, while December\u2019s WhatsMiner <a href=\"https:\/\/forklog.com\/en\/news\/microbt-unveils-new-line-of-bitcoin-miners\">M6xS++ line<\/a> came in at 15.5 J\/TH.<\/p>\n<p>Both manufacturers offer customers the option to swap previously ordered units for the newest models.\u00a0\u00a0<\/p>\n<p>According to The Mining Pod, Bitmain is making more bitcoin miners than it can sell, because it must buy a set amount of chips from TSMC under contract.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Bitmain made too many ASIC miners, and no one is buying<\/p>\n<p>Bitmain is the largest supplier of ASIC units with an estimated 80% of the market. But its buyers aren&#8217;t very pleased with the treadmill of new units with more power, at higher efficiency. And there&#8217;s a NEW unit that might\u2026<\/p>\n<p>\u2014 The Mining Pod ? (@theMiningPod) <a href=\"https:\/\/twitter.com\/theMiningPod\/status\/1831323103743369359?ref_src=twsrc%5Etfw\">September 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Buyer demand is being curbed not only by miners\u2019 weaker income but also by expectations of even more efficient models. Rumours already point to 13 J\/TH, the outlet noted.\u00a0<\/p>\n<p>Thus, in the race for share, the manufacturer is crimping its own sales \u2014 even as Bitmain\u2019s slice of new\u2011equipment shipments reached 80%, they added.<\/p>\n<p><a href=\"https:\/\/coinshares.com\/en\/d\/resources\/research\/2025-outlook\/\">CoinShares<\/a> concurs on the data but highlights the end of the \u2018big three\u2019 oligopoly. MicroBT held on with 7%, while Canaan was displaced by Jihan Wu\u2019s Bitdeer, which captured the same 7% of sales.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/coinshares.comendresourcesresearch2025-outlook-Google-Chrome-1.webp\" alt=\"coinshares.comendresourcesresearch2025-outlook-Google-Chrome-1\" class=\"wp-image-248101\"\/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>Following its roadmap, the former Bitmain founder\u2019s firm in September <a href=\"https:\/\/forklog.com\/en\/news\/bitdeer-tests-seal02-chip-for-bitcoin-mining\">completed tests<\/a> of the second iteration of its 4 nm bitcoin\u2011mining chip, SEAL02, at 13.5 J\/TH. SEALMINER A2 units built on it deliver 16.5 J\/TH.<\/p>\n<p>The first version, at 18.1 J\/TH, was <a href=\"https:\/\/forklog.com\/en\/news\/riot-expands-stake-in-rival-as-core-scientific-rejects-1-billion-acquisition\">introduced<\/a> in March. It powers SEALMINER A1s rated at 20\u201323 J\/TH. In Q4 Bitdeer planned to test SEAL03 at 10 J\/TH for its third\u2011generation miners.<\/p>\n<p>In July, US manufacturer Auradine, backed by MARA Holdings, announced initial shipments of its Teraflux 2800\u2011series ASIC miners.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/Auradine_Inc?ref_src=twsrc%5Etfw\">@Auradine_Inc<\/a><br \/>We are excited to announce initial deliveries of the Teraflux\u2122 2800 series setting new benchmarks in performance, energy, resilience, and operational efficiency. <a href=\"https:\/\/t.co\/6PwFTxY4xp\">https:\/\/t.co\/6PwFTxY4xp<\/a>\u2026 <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a>? <a href=\"https:\/\/twitter.com\/hashtag\/bitcoinmining?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoinmining<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/madeinusa?src=hash&#038;ref_src=twsrc%5Etfw\">#madeinusa<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&#038;ref_src=twsrc%5Etfw\">#btc<\/a>?<\/p>\n<p>\u2014 Auradine (@Auradine_Inc) <a href=\"https:\/\/twitter.com\/Auradine_Inc\/status\/1816486205892018531?ref_src=twsrc%5Etfw\">July 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The <a href=\"https:\/\/auradine.com\/solutions\/\">stated<\/a> energy\u2011efficiency of the air\u2011cooled AT2880 is 16 J\/TH; the immersion\u2011ready AI3680 is 15 J\/TH.\u00a0\u00a0<\/p>\n<p>That same month, Jack Dorsey\u2019s Block helped chip away at Chinese dominance by <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-to-acquire-3nm-bitcoin-mining-chips-from-block\">signing a deal<\/a> to supply Core Scientific with 3 nm bitcoin\u2011mining chips \u2014 a transaction Bernstein <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-and-blocks-300-million-deal-for-bitcoin-mining-chips\">pegged at roughly $300 million<\/a>.\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>CoinShares puts the 2024 market for new bitcoin miners at $15\u201330 billion. <a href=\"https:\/\/www.businessresearchinsights.com\/market-reports\/asic-bitcoin-mining-hardware-market-109497\">Business Research Insights<\/a> is more conservative, seeing a figure just above $10 billion, rising to $20.8 billion by 2032.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ASIC-Bitcoin-Mining-Hardware-Market-Size-Share-Growth-2032-Google-Chrome.webp\" alt=\"ASIC-Bitcoin-Mining-Hardware-Market-Size-Share-Growth-2032-Google-Chrome\" class=\"wp-image-248102\"\/><figcaption class=\"wp-element-caption\">Source: Business Research Insights.<\/figcaption><\/figure>\n<p>Bernstein believes US miners alone will \u201cconsume\u201d <a href=\"https:\/\/forklog.com\/en\/news\/bernstein-projects-20-billion-bitcoin-mining-equipment-market-in-the-us\">$20 billion<\/a> of equipment over the next five years. China\u2019s MicroBT and <a href=\"https:\/\/forklog.com\/en\/news\/bitmain-to-establish-bitcoin-miner-production-in-the-us\">Bitmain<\/a> have already set up manufacturing in America, but domestic makers will clearly take a slice too.\u00a0<\/p>\n<p>Notably, this year also saw the geography of mining expand.<\/p>\n<h2 class=\"wp-block-heading\">Africa barges into bitcoin mining<\/h2>\n<p>Cambridge\u2019s Centre for Alternative Finance (CCAF) has not updated its <a href=\"https:\/\/ccaf.io\/cbnsi\/cbeci\/mining_map\">country hashrate map<\/a> since January 2022. Even so, industry experts broadly agree the US still leads with a 37\u201338% share.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Cambridge-Blockchain-Network-Sustainability-Index-Mining-Map-Visualisation-Google-Chrome.webp\" alt=\"Cambridge-Blockchain-Network-Sustainability-Index-Mining-Map-Visualisation-Google-Chrome\" class=\"wp-image-248103\"\/><figcaption class=\"wp-element-caption\">Source: CCAF.<\/figcaption><\/figure>\n<p>Public miners in the US alone <a href=\"https:\/\/forklog.com\/en\/news\/public-miners-share-of-bitcoin-hashrate-reaches-record-28-9\">operate<\/a> around 30 EH\/s.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBased on our client base, we believe that most of the hashrate growth is occurring in the United States,\u201d <a href=\"https:\/\/blockspace.media\/insight\/a-hashrate-arms-race-is-ramping-up-between-the-us-russia-and-china\/\">noted<\/a> Luxor COO Ethan Vera.<\/p>\n<\/blockquote>\n<p>Prospects for America\u2019s further dominance are reinforced by president\u2011elect Donald Trump\u2019s <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-vows-to-safeguard-bitcoin-mining-sector\">pledge<\/a> to support the mining sector.<\/p>\n<p>In Vera\u2019s view, Russia and China follow \u2014 with the top three accounting for 60\u201380% of global hashrate.<\/p>\n<p>In September, Bitriver CEO Igor Runets <a href=\"https:\/\/forklog.com\/en\/news\/bitriver-assesses-energy-consumption-by-russian-miners\">estimated<\/a> Russian miners\u2019 power draw at 2.5 GW, implying some 12.5% of hashrate.<\/p>\n<p>Russia adopted mining regulations, and the industry even floated listings by big players. But experts say further growth has run up against <a href=\"https:\/\/forklog.com\/en\/news\/challenges-of-cryptocurrency-mining-bans-in-russian-regions\">infrastructure constraints<\/a>.\u00a0<\/p>\n<p>Kazakhstan and Canada reduced their shares of bitcoin hashrate in 2024.<\/p>\n<p>In South America, Paraguay\u2019s grid could not cope with the influx of miners. After tariff hikes, businesses began to leave. Neighbouring Argentina benefited, as the government of <a href=\"https:\/\/forklog.com\/en\/news\/keep-cutting-javier-what-has-changed-in-argentina-after-a-year-with-a-crypto-president\">Javier Milei<\/a> pursues industry\u2011friendly policies.\u00a0<\/p>\n<p>Against this backdrop, Ethiopia\u2019s share <a href=\"https:\/\/forklog.com\/en\/news\/ethiopias-share-in-bitcoin-hashrate-reaches-2-5\">reached 2.5%<\/a> with clear room to grow. A further roughly 3\u20136 EH\/s across Africa is split among Nigeria, Angola, Libya, Zambia and others \u2014 and specialists forecast \u2018larger deployments\u2019 in these countries next year.<\/p>\n<p>By pool, Foundry USA leads with 29.6% (based on average hashrate over the year).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"311\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Mining-Pool-Data-Hashrate-Index-HashrateIndex-Google-Chrome-1024x311.jpg\" alt=\"Bitcoin-Mining-Pool-Data-Hashrate-Index-HashrateIndex-Google-Chrome\" class=\"wp-image-248104\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Mining-Pool-Data-Hashrate-Index-HashrateIndex-Google-Chrome-1024x311.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Mining-Pool-Data-Hashrate-Index-HashrateIndex-Google-Chrome-300x91.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Mining-Pool-Data-Hashrate-Index-HashrateIndex-Google-Chrome-768x233.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Mining-Pool-Data-Hashrate-Index-HashrateIndex-Google-Chrome.jpg 1236w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/hashrateindex.com\/hashrate\/pools\">Hashrate Index<\/a>.<\/figcaption><\/figure>\n<p>US\u2011based entities, including MARAS Pool and Luxor, are steadily expanding their share, eroding the dominance of Chinese pools. Analysts say this is further evidence that US hashrate is growing faster than elsewhere.<\/p>\n<h2 class=\"wp-block-heading\">Conclusions<\/h2>\n<p>The industry lived through another halving and emerged stronger, as record hashrate attests. But before the next reduction in block rewards, miners must address declining profitability.<\/p>\n<p>AI is both a \u2018lifeline\u2019 for some miners and a competitor for scarce energy and infrastructure.<\/p>\n<p>The state of that infrastructure in the US is one reason local firms look set to keep dominating. They can also tap the world\u2019s deepest capital markets and political support. Equipment makers are plainly betting on America, too.<\/p>\n<div class=\"wp-block-text-wrappers-keypoints article_keypoints\"><\/div>\n<div class=\"wp-block-text-wrappers-keypoints article_keypoints\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The halving dented miners\u2019 revenues, yet hashrate hit record highs, diversification into AI computing became fashionable, and America consolidated its lead in the industry. A look back at what else defined bitcoin mining in 2024. The industry weathered the fourth halving. Amid falling revenues, a boom in AI computing offered a \u2018lifeline\u2019 to many participants. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1705,1137],"class_list":["post-20101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-2024","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"160","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20101"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20100"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}