Mid-tier Bitcoin miners gain ground, reshaping post-halving competition

The Bitcoin mining sector is witnessing intensified competition among mid-tier miners, known as tier-2 operators, following the 2024 halving. Companies like Cipher Mining, Bitdeer, and HIVE Digital have significantly enhanced their realized hashrate, thus narrowing the gap with leading miners such as MARA Holdings and CleanSpark. The total realized hashrate of the top public miners reached 326 exahashes per second (EH/s) in September, more than doubling from the previous year and now constituting nearly one-third of Bitcoin's total network hashrate. However, the race for market share has led to unprecedented debt levels within the industry, reaching $12.7 billion from $2.1 billion just a year ago, as miners invest in next-generation hardware. To diversify revenues amid declining margins, many companies are turning to artificial intelligence and high-performance computing. This evolving landscape reflects the growing operational efficiency and capabilities of mid-tier miners in what is becoming a more competitive market.

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