Bitcoin hash rate continues to decline, but miners are optimistic about 2025

【Crypto World】Recent data shows that the Bitcoin network hash rate has experienced two consecutive months of decline, with a 3% drop in December. The current average hash rate remains stable at 1045 EH/s. In the short term, mining has indeed become a bit tough—revenue per EH/s from block rewards has decreased by 7% month-over-month and plummeted by 32% year-over-year, with earnings per unit of hash rate hitting a historic low of $38,700.

But the story here is not just about difficulties. Major US-listed mining companies seem optimistic about the future. The total market capitalization of the 14 tracked listed miners is expected to grow by 73% by 2025, aiming to reach a scale of $48 billion. It appears that the market believes the current hash rate adjustments are just short-term fluctuations, and the long-term logic of the mining industry still holds. Price, policy, costs—who can predict these factors? But miners are betting on 2025 with real money investments.