Bitcoin Miners Set to Represent 25.3% of Global Hashrate by December 2024, Report Reveals

According to a recent report by Jefferies, U.S.-based Bitcoin miners are projected to represent 25.3% of the global hashrate by December 2024. This significant increase comes on the heels of a robust 15% rise in Bitcoin’s average price, which has notably outpaced the 6.5% growth in network hash rate. The report highlights that such dynamics have resulted in an enhancement of miner profitability, particularly observed in December 2023. This trend underscores the critical interplay between market prices and mining operations, reflecting a broader resilience in the cryptocurrency sector. Analysts indicate that sustained growth in Bitcoin’s valuation could further influence the competitive landscape, solidifying the role of U.S. miners in the global market. As the industry evolves, stakeholders will need to monitor these metrics to assess future profitability and market positioning.