Galaxy: The total financing of listed mining companies in Q1 reached 1.8 billion USD, the highest amount in the past three years
ChainCatcher news, Galaxy releases the 2024 mid-year report on Bitcoin mining.
Key points are as follows:
With hash prices hitting an all-time low, mining difficulty has decreased by 10% from the peak of 88.1 T (630 EH/s), dropping to a post-hash low of 79.5 T (569 EH/s) in early July. As of the time of writing, the difficulty is at 82.0 T (587 EH/s);
Publicly listed mining companies raised a total of $1.8 billion in Q1 2024, the highest quarterly financing amount in the past three years;
As the value of available power capacity skyrockets, the debt capital markets are expected to re-emerge in the second half of 2024 and into 2025;
Miners with approved large-scale power capacity, long-cycle infrastructure procurement, and access to water and fiber optics are in the best position to leverage artificial intelligence;
In the annual report, we project a hash rate target range of 675 EH to 725 EH by the end of 2024, and based on publicly available miner information, seasonal trends, and profitability analysis, we have raised the growth rate to between 725 EH and 775 EH.
From January 1 to July 23, Bitcoin miners generated 12,970 BTC (approximately $863 million as of July 23) in transaction fees. The fees earned by miners account for about 55% of the total cumulative fees in 2023 (23,400 BTC).
To date, the total transaction volume exceeds $460 million, primarily divided into venue sales, reverse mergers, and company acquisitions. Industry M&A activity is expected to continue.
