A recent Coinmetrics report reveals that Bitcoin (CRYPTO:BTC) mining faced significant challenges during the second quarter of 2024, including a 7% decline in hashrate post-halving.

Despite this, the industry showed resilience with notable efficiency improvements and strategic adaptations.

The report highlights a decrease in the network's hashrate to 580 exahash per second (EH/s) from its peak of 626 EH/s, reflecting adjustments to reduced block rewards and a stable BTC price.

Miners benefited from temporary boosts in transaction fee revenues, particularly from Okx's large-scale UTXO consolidation, which contributed $38 million in fees over a brief period.

Additionally, the study underscores advancements in energy efficiency by companies like Bitfarms, contrasting the struggles of larger firms like Marathon Digital and Riot Platforms.

Overall, the Coinmetrics analysis portrays a dynamic mining sector in Q2 2024, navigating challenges through innovation and operational adjustments.