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Coin Metrics: New technologies reshape the Mining landscape after the BTCHalving event
According to the latest 'Network Status' report from Coin Metrics and analyst Matías Andrade, the 2024 BTCHalving event has triggered significant changes in the Mining industry. The report shows that after the Halving event, the income of Mining hash power per TH/s, calculated in BTC, dropped sharply. However, the BTC price rising above $105,000 has alleviated some of the impact. Nevertheless, the profitability still lags behind the heyday before the Halving, indicating that miners attempting to maintain the profit margin will face a challenging period.
Coin Metrics' analysis shows that the listed BTC mining companies outperformed the price growth of BTC, with the latter experiencing significant fluctuations. Since July, BTC has risen by 54.3%, and the stock prices of leading mining companies have also significantly increased. Hut8, Bitdeer, and Core Scientific are at the forefront, with increases of 68%, 78.5%, and 60.2% respectively. Researcher Matías Andrade emphasized that strong financial condition and cutting-edge Mining equipment are key differentiators for excellent enterprises. Companies holding BTC during bear markets also gained financial support from the rebound of BTC price. In addition, 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 for miners to adapt to the reduced BTC supply, fine-tune operations, and utilize cheap energy.