Bitcoin mining reached significant milestones in 2024, according to the latest industry update from H.C. Wainwright analysts Mike Colonnese and Dylan Scales. Bitcoin ( BTC ) surged 121% year-over-year, closing the year at $93,390 and outpacing all other asset classes. Key drivers behind the rally included the launch of U.S. spot Bitcoin ETFs , accelerating institutional adoption, and the re-election of pro-Bitcoin President Donald Trump, according to an analyst note shared with crypto.news. The Bitcoin network’s hash rate hit 796 EH/s by year-end, marking a 59% increase from 2023. This growth was primarily fueled by public miners, who more than doubled their operating capacity to 235.8 EH/s. Public miners now account for 30% of the total network hash rate, up from 22% in the previous year. Despite the capacity growth, Bitcoin’s April halving event reduced block rewards, resulting in a 32% drop in BTC production among public miners. Public miners collectively produced 48,333 BTC in 2024, compared to 71,447 BTC in 2023. However, BTC reserves on public miners’ balance sheets rose by 128%, reaching 89,599 BTC by the end of the year. You might also like: Telegram-linked TON eyeing U.S. expansion Improved hash rate and mining capacity In December alone, public miners increased their operating hash rate by 8.6%, producing 3,929 BTC, a 6.6% increase from November. Transaction fees, which make up a smaller portion of miner revenue, fell 8.5% month-over-month and accounted for just 2.7% of total block rewards. Weekly trends ending January 12, 2025, revealed challenges. Bitcoin fell 4.1% to $94,759 following the U.S. Department of Justice’s approval to sell seized Silk Road BTC . Mining stocks dropped 7.7%, and the network hash rate dipped 4.4% to 777 EH/s. The update highlights the resilience of Bitcoin miners amid rising network difficulty and market pressures, setting the stage for another dynamic year in 2025. You might also like: UAE’s Sigma Capital debuts $100m fund targeting metaverse and blockchain infrastructure
