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An earth-boring drill bit having a bit body with a cutting component formed from a tungsten carbide composite material is disclosed. The composite material includes a binder and tungsten carbide crystals comprising sintered pellets. The composite material may be used as a hardfacing on the body and/or cutting elements, or be used to form portions or all of the body and cutting elements. The pellets may be formed with a single mode or multi-modal size distribution of the crystals.