As the protocol evolves, new layers could emerge bringing new use cases and more users, the report said.

The number of bitcoin held in wallets tied to miners has dropped to the lowest since mid-2021.

The cryptocurrency has performed well before the halving and is likely to sustain momentum for the rest of the year, leading to new highs in 2024,

CryptoQuant data shows that miners are moving bitcoin to exchanges, likely because of a need to build more liquidity in anticipation of higher capi

Mining stocks represent an attractive opportunity for investors looking to gain access to the long-term bitcoin adoption trade, the analysts wrote.

Marathon said the acquisitions will reduce the cost per coin mined by around 30%