Bitcoin Mining Hashrate Nears Record High

Despite a substantial drop in revenues, Bitcoin miners are pushing forward with investments in more efficient mining hardware. As of September 2024, Bitcoin’s hashrate is just 1% below its all-time high, signaling continued confidence in the network’s future. Glassnode’s report highlights that many miners are upgrading to new, more energy-efficient equipment, which has seen a doubling in efficiency between 2018 and 2023. These advancements are helping miners offset the rising costs of electricity and increasing mining difficulty.

Some companies, such as Marathon Digital, have taken a different approach by adopting a “full HODL” strategy, where they hold all mined Bitcoin rather than selling it immediately. This strategy shows a long-term belief in Bitcoin’s value, despite the current challenging environment for miners. With mining complexity at an all-time high and transaction fees declining, this shift in strategy may be the key to surviving in a highly competitive market.