Hashrate Index 2024 Bitcoin Mining Year in Review: New Horizons

Hello world!

Today, we're thrilled to announce that we've published our 2024 Bitcoin Mining Year in Review.

You can download the report here:

If you have any feedback or questions, please don't hesitate to drop a line to [email protected].

- Hashrate Index Team

Hashrate Markets

All in all, record-high network difficulty and historically low transaction fees post-halving turned out to weigh more heavily on mining economics than Bitcoin price action. The end result was divergence between Bitcoin's price action and mining markets by year end.

ASIC Hardware

2024 was the year of next-generation ASICs like the S21.

Hashrate Index’s ASIC Price Index highlighted a significant price decline for old-generation machines over the year, indicating a gradual phase-out of relatively outdated hardware. 

Energy Markets

Electricity prices in the U.S. were relatively flat year over year, but there was a mixed bag of power price changes in popular mining states. 

Public Markets

Generally speaking, public Bitcoin miners experienced divergent fortunes in 2024.

Pools and Firmware

The top 10 mining pools in 2024 represented 94% of the global network hashrate, having mined over 50,250 blocks over the year.

Overall, 2024 saw significant developments in the  firmware space.

2024 was a turning point for the industry as institutional adoption and regulatory clarity continue to increase. Looking ahead, 2025 promises to be a transformative year for Bitcoin mining. 

Here’s to another year in the beautiful game. 

Happy hashing!