In the twilight of 2024, as the world spun on its axis, Bitcoin miners found themselves basking in the golden glow of prosperity, as if the very stars had aligned in their favor. H.C. Wainwright analysts, those modern-day oracles, proclaimed a time of jubilation, albeit with a hint of impending chaos lurking in the shadows.
Lo and behold, Bitcoin (BTC) soared past the monumental threshold of $100,000, a feat akin to a phoenix rising from the ashes, fueled by a surge of institutional fervor and the unexpected cheer of Donald Trump’s pro-crypto election victory. The analysts, with their keen eyes, shared this revelation with crypto.news, as if unveiling a secret recipe for success.
In mid-December, BTC reached a dizzying peak of $106,144, only to settle at a respectable $93,400 by the quarter’s end—a staggering 48% leap from the previous quarter. This meteoric rise, coupled with an avalanche of ETF inflows, painted a picture of robust earnings for the miners, who must have felt like they were riding a rollercoaster designed by a mad genius.
Spot Bitcoin ETFs, those glittering treasures, attracted a jaw-dropping $16.7 billion in Q4, nearly quadrupling the $4.3 billion of Q3. This influx propelled the average BTC price to $83,432 for the quarter, a 36.7% increase that would make even the most stoic investor crack a smile.
As the analysts peered into their crystal balls, they foresaw a future brimming with revenue growth and profit margins that would make even the most seasoned miners giddy with delight.
Bitcoin Mining Expansion: A Comedy of Errors and Triumphs
The mining sector, like a well-rehearsed play, witnessed a notable expansion, with public miners adding a staggering 46 exahashes per second to their operations. This brought the total deployed capacity to a whopping 235.8 EH/s. The global network hash rate, meanwhile, averaged 738 EH/s in Q4, a 17.3% increase from Q3. As the curtain rose on Q1 2025, the hash rate continued its ascent, reaching 833 EH/s by February 2, as if it were auditioning for a leading role.
With BTC prices soaring and mining activity in full swing, total BTC production surged by 16.4% quarter-over-quarter to 11,366 BTC, while transaction fees skyrocketed by 59.4% to 1,553 BTC. This delightful concoction drove total miner revenues up by 41% to a staggering $3.7 billion. The combined market cap of public miners swelled by 21% to $28 billion, with AI-linked miners stealing the spotlight and outshining their peers.
As the first quarter of 2025 unfolded, it began with a flourish, with BTC averaging nearly $100,000 and ETF inflows reaching a commendable $5.7 billion. Yet, the analysts, ever the cautious sages, warned of potential volatility, like a storm brewing on the horizon, due to ongoing U.S. trade tensions with Canada, Mexico, and China. Despite the short-term uncertainty, they viewed any weakness in BTC or miners as a golden opportunity, a chance to buy low and laugh all the way to the bank.
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2025-02-04 23:20