In 2024, Bitcoin reached significant milestones, including price and hash rate growth. Major factors were the launch of U.S. spot ETFs and the re-election of pro-Bitcoin President Donald Trump.
Key Achievements of Bitcoin in 2024
Bitcoin surged 121% year-over-year, closing the year at $93,390. Key drivers included the launch of U.S. spot ETFs, accelerating institutional adoption, and the re-election of pro-Bitcoin President Donald Trump. The Bitcoin network's hash rate hit 796 EH/s, marking a 59% increase from 2023.
Improved Hashrate and Mining Capacity
Public miners significantly increased their operating capacity to 235.8 EH/s, accounting for 30% of the total network hash rate. Despite this, the April 2024 halving reduced block rewards, resulting in a 32% drop in BTC production among public miners. However, BTC reserves on their balance sheets rose by 128%, reaching 89,599 BTC by year's end.
Challenges and Outlook for 2025
By the end of 2024, public miners increased their operating hash rate by 8.6% and produced 3,929 BTC in December. Trends in early January 2025 revealed challenges, with Bitcoin's value falling and mining stocks dropping amid the sale of seized assets. The network hash rate dipped slightly, underscoring miners' resilience amid growing network difficulties and market pressures.
Despite challenges, Bitcoin and mining show resilient dynamics, paving the way for further growth in 2025.
