Coin Metrics: New technologies reshape mining landscape after Bitcoin halving

The 2024 Bitcoin halving event has triggered significant changes in the mining industry, according to the latest “State of the Network” report from Coin Metrics and analyst Matías Andrade. The report shows that after the halving event, the mining computing power income per TH/s denominated in BTC dropped sharply. However, Bitcoin's rise above $105,000 softened some of the blow. Even so, profitability still lags behind its pre-halving heyday, suggesting miners trying to keep margins intact will face tough times. Analysis by Coin Metrics shows that publicly traded Bitcoin miners have outperformed Bitcoin’s price growth, which has seen steep gains and losses. Bitcoin is up 54.3% since July, while leading miners have also seen significant gains in their share prices. Hut8, Bitdeer and Core Scientific were at the top, with gains of 68%, 78.5% and 60.2% respectively. Researcher Matías Andrade emphasized that operating strong financials and cutting-edge mining equipment are key to differentiating the best companies. Companies that held Bitcoin during the bear market also received financial support from the rebound in BTC prices. Additionally, mining hardware technology has been developing rapidly. Andrade emphasized that miners need to keep their equipment up to date to remain competitive. Looking ahead, the report emphasizes the importance of miners adapting to reduced Bitcoin supply, fine-tuning operations and taking advantage of cheap energy. (Bitcoin.com)