2024

Galaxy

Bitcoin

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In a recent social media post, cryptocurrency mogul Mike Novogratz&nbsp;<a href="https://x.com/novogratz/status/1819037016614465781" rel="noopener noreferrer nofollow">stated</a> that 2024 is a "pivotal" year for Bitcoin mining.&nbsp;
He has stated that the industry managed to display "incredible resilience" through economic lows.&nbsp;&nbsp;
Novogratz shared a recent Galaxy Digital report, which highlights the key cryptocurrency mining trends of this year.&nbsp;
The integration of cryptocurrency mining with artificial intelligence (AI) and high-performance computing (HPC) has emerged as one of the key developments of the year.&nbsp;
"The integration of AI/HPC with mining is reshaping the landscape, creating new opportunities, and emphasizing the need for power access," Novogratz said in a social media&nbsp;<a href="https://x.com/novogratz/status/1819037016614465781" rel="noopener noreferrer nofollow">post</a>.&nbsp;&nbsp;
<h2 id="a-new-hashrate-target">A new hashrate target&nbsp;</h2>
Galaxy Digital has revised its year-end hashrate target, increasing it to 775 EH. The firm believes that public miners will be able to control up to 30% of the network's hashrate.&nbsp;&nbsp;
It expects the mix of mining machines to become substantially more efficient. However, there is still a lot of uncertainty surrounding the deployment of these machines.&nbsp;
For Bitcoin's hashrate to show healthy growth, the price of Bitcoin has to remain in the $65,000-$70,000 range. Otherwise, mining might become economically unsustainable.
Notably, Bitcoin mining difficulty experienced a significant drop, plunging below 80 T earlier this July for the first time since the last halving event.&nbsp;
<h2 id="more-capital">More capital&nbsp;</h2>
In the first quarter of the year, Bitcoin mining companies secured a record-breaking amount of equity capital.&nbsp;
The capital was necessary in order to build cash buffers and improve the efficiency of equipment.&nbsp;&nbsp;&nbsp;&nbsp;
Galaxy Digital has predicted that significant capital-raising activities would continue in the second part of the year.&nbsp;

Crypto Billionaire Novogratz Says 2024 Is Pivotal for Bitcoin Mining Industry

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