In 2024, Bitcoin miners adapted to technological advancements and renewable energy, facing challenges like energy costs and regulatory changes. New ASIC equipment improved efficiency and reduced energy consumption. The sector also saw an increase in illegal mining activities, prompting regulatory tightenings to mitigate environmental impacts.

Ethiopia became a key player by using hydroelectric energy for profitable Bitcoin mining, drawing miners with sustainable income prospects. In the US, Hut 8 and BitFuFu led expansions, while Riot Platforms acquired large Bitcoin holdings, highlighting the growing financial diversification and dominance within the industry.

The demand for mining hardware surged, especially in China and North America, causing HIGH equipment prices. Companies like Hut 8 diversified into AI and HIGH-performance computing. The industry’s expansion set the stage for future growth, integrating renewable energy and advanced technology as Bitcoin adoption increased globally.