Odaily News HC Wainwright analysts said that as Bitcoin breaks through $100,000 for the first time in the fourth quarter of 2024, miners' profits will increase significantly.
Spot Bitcoin ETFs attracted $16.7 billion in inflows during the quarter, almost four times the $4.3 billion in the third quarter, pushing the average BTC price to $83,432 during the quarter, up 36.7% from the previous quarter.
Analysts expect these trends to drive strong revenue growth and improved margins in miners' upcoming earnings reports. The mining industry has expanded significantly, with listed miners increasing their operations by 46 EH/s, bringing total deployed capacity to 235.8 EH/s. The global network hash rate averaged 738 EH/s in the fourth quarter, up 17.3% from the third quarter. As of the beginning of the first quarter of 2025, the hash rate continued to climb, reaching 833 EH/s on February 2.
Rising BTC prices and increased mining activity drove total BTC production up 16.4% month-on-month to 11,366 BTC, while transaction fees soared 59.4% to 1,553 BTC. This drove total miner revenue up 41% to $3.7 billion. The total market value of listed mining companies increased 21% to $28 billion, with AI-related mining companies outperforming their peers.
Looking ahead, the first quarter of 2025 started strongly, with an average BTC price of nearly $100,000 and ETF inflows reaching $5.7 billion. However, analysts warned that the market could be volatile due to ongoing trade tensions between the United States and Canada, Mexico, and China. Despite short-term uncertainty, they believe that any weak nodes in BTC or mining companies are buying opportunities. (crypto.news)