Bitcoin

<p>Despite a substantial drop in revenues, <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> are pushing forward with investments in more efficient mining <a href="https://ultramining.com/hardware/" rel="noopener noreferrer nofollow">hardware</a>. As of September 2024, Bitcoin's <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> 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 <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> and increasing mining difficulty.</p>
<p>Some companies, such as <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a> Digital, have taken a different approach by adopting a “full <a href="https://ultramining.com/news/en/bitcoin-miners-showcase-steady-hodl-patterns-marathon-leads-with-full-retention/" rel="noopener noreferrer nofollow">HODL</a>” 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.</p>

Bitcoin Mining Hashrate Nears Record High

Ultramining_Eng

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