Galaxy releases mid-year report on Bitcoin mining for 2024: Mining companies listed in Q1 raised $1.8 billion, setting a record for the highest quarterly financing in the past three years

Galaxy released its mid-year Bitcoin mining report for 2024, with key points as follows: 

1. With the hash price hitting a historical low, mining difficulty dropped by 10% from the peak of 88.1 T (630 EH/s) to a low point of 79.5 T (569 EH/s) in early July after the hash drop. As of press time, the difficulty is at 82.0 T (587 EH/s). 

2. In Q1 of 2024, listed mining companies raised a total of $1.8 billion USD in financing, marking the highest quarterly financing amount over the past three years.

3. With soaring value in available power capacity, it is expected that debt capital markets will re-emerge in H2 of 2024 and throughout 2025.

4.Mining operators who have been granted large-scale power production capacities, procured long-cycle infrastructure and have access to water and fiber optics are in an advantageous position when utilizing artificial intelligence.

5.In our annual report we projected that by end-2024 target range for hashrate would be between675 EH to725EH; however based on public miner information seasonal trends and profitability analysis we've revised growth rate upwards to between725EHto775EH

6.From January 1st to July23rd,Bitcoin miners generated transaction fees totaling12,970BTC(asofJuly23rdworth$863millionUSD).Thefeesearnedbyminersaccountforabout55%oftotalcumulativefeesin2023(23400BTC).

7.To date,total transactions across all categories exceeded $460 million USD primarily comprised land sales reverse mergers,and corporate acquisitions.It's anticipated industry MA activity will continue.