Galaxy has released the 2024 Bitcoin Mining Mid-Year Report, with the following key points: 1. As the hash price hit an all-time low, the mining difficulty decreased by 10% from a peak of 88.1 T (630 EH/s) to a post-hash low of 79.5 T (569 EH/s) in early July. As of press time, the difficulty is 82.0 T (587 EH/s); The total financing of listed mining enterprises in Q1 of 2024 is 1.80 billion US dollars, which is the highest amount of financing in the past three quarters. 3. Debt capital markets are expected to re-emerge in the second half of 2024 and 2025 as the value of available power capacity soars; 4. Miners who are licensed to have large-scale power capacity, procured long-cycle infrastructure, and have water and fiber optic access are in the best position to leverage artificial intelligence; In our annual report, we project a target range of 675 EH to 725 EH for the end of 2024, and we will raise the growth rate to between 725 EH and 775 EH by combining publicly available miner information, seasonal trends, and profitability analysis. 6. From January 1 to July 23, bitcoin miners generated transaction fees of 12,970 BTC ($863 million as of July 23). The fees earned by miners accounted for approximately 55% of the total cumulative fees in 2023 (23,400 BTC). 7. As of now, the total value of various transactions exceeds 460 million US dollars, mainly divided into venue sales, reverse mergers and corporate acquisitions. Industry M & A activity is expected to continue.