#BTCHashratePeak Stronger Security: Now requiring 51M ASIC miners to attack the network.

- Institutional Mining Growth: Public miners (RIOT, MARA) expanded capacity by 120% YoY

Key Drivers

1. Halving Prep: Miners race to maximize rewards before block subsidies drop.

2. Cheap Energy: Texas and Middle East farms leverage $0.03/kWh renewables.

3. Efficiency Gains: New Bitmain S21 miners deliver 16 J/TH (vs. 30 J/TH in 2022).