Bitcoin Miners Close Hashrate Gap at 326 EH/s as Debt Hits $12.7 B
After the 2024 halving, Bitcoin miners like Cipher Mining, Bitdeer and HIVE Digital have doubled their realized hashrate year-on-year to 326 EH/s, representing nearly one-third of total network power. These Bitcoin miners have boosted infrastructure and expanded operations to capture greater market share. Meanwhile, sector debt surged to $12.7 billion from $2.1 billion as firms invest in next-generation rigs and pivot into AI and high-performance computing hosting to secure stable, multi-year cash flows. Realized hashrate, a key metric of mining efficiency and revenue potential, remains in focus ahead of third-quarter earnings. The combined hashrate expansion and rising mining debt underline a competitive push to scale capacity or risk losing ground to better-financed rivals.
Bullish
This news is bullish because the doubling of realized hashrate by mid-tier Bitcoin miners strengthens network security and signals robust operational growth. Their strategic investments in next-generation rigs and AI hosting for multi-year contracts improve revenue visibility. Although rising debt heightens financial risk, it also reflects a sector-wide drive to scale and innovate, reinforcing long-term price support through stronger fundamentals.