On January 3, 2025, Bitcoin's hashrate reached an all-time high of over 1,000 exahashes per second (EH/s), nearly doubling from 510 EH/s a year ago. As of this morning, the hashrate has retraced to approximately 780 EH/s.
This increase in hashrate indicates that miners are investing more computational resources into the Bitcoin network, enhancing its security. Despite the April 2024 halving that reduced mining rewards from 6.25 BTC to 3.125 BTC per block, mining firms like Riot Platforms and CleanSpark have continued to expand operations.
JPMorgan reported that miners are acquiring other firms to boost their hashrate and power pipeline. Additionally, Bitcoin miners hold substantial BTC treasuries valued at approximately $4.4 billion, $1.7 billion, and $910 million for Marathon, Riot, and CleanSpark, respectively.
Institutional interest is also rising, with Bitcoin ETFs surpassing $100 billion in net assets in November 2024. Sygnum anticipates that 2025 will see accelerated institutional participation in crypto assets, driven by improving regulatory clarity and Bitcoin's potential recognition as a reserve asset.