In a social media post, cryptocurrency mogul Mike Novogratz said 2024 is a "pivotal" year for Bitcoin mining. He said the industry has demonstrated "incredible resilience" during economic downturns.

The integration of cryptocurrency mining with artificial intelligence (AI) and high-performance computing (HPC) has been one of the key developments of the year.

Galaxy Digital also revised its year-end hashrate target to 775 EH. The company believes that public miners will be able to control up to 30% of the network's hashrate. The combination of mining machines is expected to become significantly more efficient. However, there is still a lot of uncertainty around the deployment of these machines.

For the Bitcoin hashrate to show healthy growth, the price of Bitcoin must remain in the $65,000-$70,000 range. Otherwise, mining may become uneconomic.

Notably, Bitcoin mining difficulty has dropped significantly, falling below 80T in early July this year for the first time since the last halving.

Bitcoin mining companies raised a record amount of equity capital in the first quarter of the year. The capital was needed to build cash reserves and improve equipment efficiency. Galaxy Digital predicted that significant capital raising activity would continue in the second half of the year.