Network Overview

This has been a difficult week for miners, as every key variable moved against them. Network hashrate climbed to a new all-time high, accompanied by a modest increase in mining difficulty. At the same time, Bitcoin’s price took a sharp downturn, though it now appears to be mounting a recovery. Adding to the strain, network activity slowed, leading to a decline in transaction fees. These factors combined to shrink miners’ daily revenue by a very significant 22.42%. However, there’s a glimmer of optimism for the week ahead, with indications that hashrate growth may have peaked locally and Bitcoin showing resilience as it bounces back with vigor from the $90,000 level.

Bitcoin Difficulty Hits All-Time High, Adjusts Positively for 8th Consecutive Time

Bitcoin mining difficulty has reached a record 110.45 trillion, marking its eighth consecutive positive adjustment. This series of increases are clearly reflective of heightened competition within the mining ecosystem, following the recent Bitcoin price increases. The network is showing strength, with a 7-day average hashrate nearing 775 EH/s. Projections also suggest the milestone of 1 zettahash per second could be achieved before the next halving.

Historically, similar streaks of positive adjustments have coincided with significant market movements. In 2021, nine consecutive adjustments preceded Bitcoin’s bull market peak of $69,000. Conversely, in 2018, a streak of positive adjustments occurred around the bear market’s bottom. It is thus difficult to reach any conclusions about the current cycle based on hashrate alone.

Source: CoinDesk

Russia’s Crypto Mining Sector Booms Amid Regulatory Shifts

Demand for industrial crypto mining equipment in Russia has tripled year-over-year in Q4 2024, driven by legislative changes enacted by the Russian government. New regulations, effective November 1, 2024, allow businesses and entrepreneurs to legally mine cryptocurrencies after registering with a national miners’ registry. Individual miners consuming less than 6,000 kWh monthly are exempt from this requirement.

Sergey Bezdelov of the Association of Industrial Mining stated that these reforms are critical to legitimizing mining as a stable and trustworthy income source. However, the rapid growth of the sector has led to energy concerns. Starting January 2025, mining will be restricted in several regions to address grid strain and energy shortages, alongside a 15% tax on mining profits introduced in November. These developments mark a transformative year for Russia’s crypto mining industry.

Source: Crypto News

Navigating Bitmain and Microbt’s Mining Rigs for 2025

Leading ASIC manufacturers Bitmain and Microbt have unveiled an extensive range of mining machines for 2025, targeting both hobbyists and professional miners. Air-cooled machines, ideal for casual enthusiasts, offer a practical entry point. Bitmain’s standout model is the Antminer S21+, priced at $4,644, which delivers a hashrate of 216 TH/s at an efficiency of 16.5 J/T. Meanwhile, Microbt’s selection is more varied, including the entry-level Whatsminer M50 at $946 for 110-114 TH/s and the high-performance M60S++, priced at $5,478 for 220 TH/s and an efficiency of 24.9 J/T.

For operators seeking higher efficiency and performance, hydro and immersion-cooled systems represent a premium choice. Bitmain’s S21 XP Immersion, with 300 TH/s at 13.5 J/T efficiency, and Microbt’s M63, boasting 366 TH/s at 19 J/T, are among the industry’s best. However, these setups come with steep costs exceeding $7,000 and require more sophisticated infrastructure, making them better suited for large-scale mining operations.

Sources: Bitcoin News

Bitcoin Mining Industry in 2024: Key Developments and Predictions

The year 2024 saw Bitcoin miners navigating the impacts of the fourth halving while setting records. With block rewards dropping to 3.125 BTC, miners faced reduced outputs but achieved a 56.7% growth in hashrate, reaching 808 EH/s by year-end. The halving block mined by ViaBTC featured 37.626 BTC in transaction fees—the highest since May 2021—while Marathon Digital mined the largest-ever block at 3,990.36 KB.

Publicly traded mining companies surpassed a $50 billion market cap, driven by mergers, acquisitions, and machine upgrades. Regions like Africa and South America emerged as new players, utilizing untapped energy resources. Looking ahead to 2025, broader adoption of Bitcoin treasury strategies, increased miner profitability, and a projected hashrate surpassing 1 zetahash are expected to shape the industry.

Source: CryptoPotato

U.S.-Listed Bitcoin Miners Represent 25% of Global Network in December

In December 2024, U.S.-listed Bitcoin miners accounted for 25.3% of the global network’s hashrate, as revealed in a Jefferies report. Mining profitability improved during the month, driven by Bitcoin’s 15% price rally, which outpaced the 6.5% increase in network hashrate. Average daily revenue rose to $59,585 per exahash, showing a 7.1% increase from November’s figures.

MARA Holdings emerged as the leader among U.S.-based miners, producing 890 BTC, followed by CleanSpark, which mined 668 BTC. MARA also retained the largest installed hashrate in the sector, with an impressive 53.2 EH/s, while CleanSpark reported 39.1 EH/s. Despite these positive trends, Jefferies adjusted its outlook for MARA, cutting its price target from $24 to $20 while maintaining a hold rating on the stock. The bank’s assessment is carefully optimistic, as the sector navigates increasing operational costs and growing global competition.

Source: CoinDesk

The Bright Future of Home Bitcoin Mining

The decentralization of the Bitcoin network is gaining traction, thanks to the growing popularity of home mining. Innovations like the newly announced Bitaxe Touch are pushing this trend forward. Designed by Solo Satoshi, this cutting-edge device utilizes the BM1370 ASIC chip from the Bitmain S21 Pro and delivers a hashrate of up to 1.6 TH/s. It also features a touch screen displaying essential Bitcoin network statistics, such as total network hashrate, network difficulty, and block height.

At the heart of this innovation is the Open Source Miners United community, founded by Skot from Bitaxe. This Discord group boasts over 5,500 members who collaborate on new mining device designs and development. The group even provides grants to contributors, fueling creativity and technical advancements in the home mining ecosystem. Future developments may accelerate further when Block releases its own ASIC chip, opening new possibilities for mining device developers.

For those less technically inclined, products like the Heatbit offer an easy entry into home mining. This plug-and-play device doubles as a space heater and air purifier, making it ideal for colder climates.

While these advancements mark significant progress, the home Bitcoin mining movement is still in its early stages. With more developers and enthusiasts joining the space, the potential for growth and innovation appears limitless.

Source: Bitcoin Magazine

Thai Authorities Raid Bitcoin Mining Farm Over Massive Electricity Theft

Thailand’s Provincial Electricity Authority (PEA) recently dismantled a Bitcoin mining farm in the Chonburi province for tampering with power meters and stealing electricity worth hundreds of millions of baht. During the operation, conducted in collaboration with the Crime Suppression Division (CSD), officials confiscated 996 Bitcoin mining rigs.

The investigation revealed that the mining farm operators manipulated electricity meters to avoid detection, using electricity for mining primarily at night. By allowing meters to function normally during the day, the operation remained hidden until the raid. The CSD is currently pursuing arrest warrants to identify those responsible.

The high profitability of mining has led to repeated cases of electricity theft in Thailand. Similar raids in recent years include a mining operation in Ratchaburi in 2024, which caused power outages and increased costs for residents, and another in Surat Thani, where over $280,000 worth of electricity was stolen.

Globally, electricity theft for mining has become a recurring issue. In Malaysia, for example, over $100 million in losses were reported in 2024. Governments worldwide are increasingly tightening regulations, raising tariffs, and imposing restrictions to address illegal mining and its impact on national power grids.

Source: Crypto.News

BIT Mining Extends Bitcoin Rig Lifespans in Ethiopia Due to Low Energy Costs

Chinese Bitcoin mining company BIT Mining is capitalizing on Ethiopia’s ultra-low electricity costs to extend the lifespan of older mining rigs. The firm acquired 51 megawatts of energy and 18,000 mining machines in a $14 million deal in December 2024. The move enables BIT Mining to transfer less efficient rigs to Ethiopia, where they can continue operating for an additional two years, enhancing profitability.

Ethiopia’s hydroelectric capacity, boosted by projects like the Grand Ethiopian Renaissance Dam, creates an ideal environment for mining. The country contributes 1.5% to Bitcoin’s global hashrate. BIT Mining’s dual strategy of operating advanced rigs in Ohio while reusing older ones in Ethiopia creates a cost-efficient feedback loop that attracts further investment.

The company is also exploring energy infrastructure and AI data center opportunities in Ethiopia.

Source: CoinDesk

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