Hide status bar globally
(setq-default mode-line-format nil)
The preferred way to completely hide the status bar is (setq-default mode-line-format nil) in your init.el file.
Hide status bar of current buffer
(setq mode-line-format nil)
M-: hide the status bar of the current buffer, M-: followed by (setq mode-line-format nil) when prompted.
Nate
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