The Mining Pod | Bitcoin Mining News 2024 Bitcoin Mining Year in Review w/ Nico Smid
Jan 9, 2025
Nico Smid, founder of Digital Mining Solutions and co-author of their 2024 report, dives into the booming world of Bitcoin mining. He highlights a jaw-dropping 56.7% increase in hash rate this year and discusses the emergence of Ethiopia as a mining powerhouse. The conversation covers regulatory hurdles facing miners in Paraguay and the migration to Argentina and Brazil. Smid also shares insights on upcoming public miner IPOs and bold predictions for 2025, revealing what the future holds for this dynamic industry.
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Extended Miner Margin Squeeze
- Hash price fell to historic lows and stayed low longer than expected post-halving in 2024.
- Longer duration of lower miner margins challenged the mining industry more than depth of the drop.
Magnitude of Hashrate Drop
- 2024 saw a larger absolute hashrate drop post-halving than in 2020 but smaller in percentage terms.
- Bigger network scale means larger hashrate shifts have lower percentage impact.
Record Hashrate Growth in Halving Year
- Despite halving, 2024 delivered record-breaking growth of 292 exahashes, a 56.7% increase.
- Next-gen machines deployed relentlessly, especially by public miners, driving network expansion.