BTC miners roar again – While the end of 2022 heralded the start of2023 is a dreary year for crypto miners, it seems that the course of the king of cryptocurrencies has decided otherwise. The calculation mechanisms activate again, while the hashing power increases. The human beast in a frantic quest for profit is awakening. Bitcoin miners are back in business.
BTC mining: the human beast restarts
How can we tell that bitcoin miners have turned their machines back on? About the computing power they’ve been using for the past two weeks to mine cryptocurrencies. Thus, as Bitcoin is recovering, our bitcoin miners are stepping up their efforts to try to pay off their debts. Indeed, some like Core Scientificsaw themselves facing the worst as Bitcoin continued its painful fall.
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Bitcoin regains color, hope is reborn
However, hope is reborn. The world’s largest cryptocurrency by market value grew by 23% over the past 7 days. The miners feel the breeze of success on their faces, they prepare for a frantic race.
On the other hand, the milder weather – remember that bitcoin miners even had to weather an ice storm in the US – allows them to resume activity with less expense. To illustrate this enthusiasm, Bloomberg brings us the words of Matthew Schultz executive chairman of the CleanSpark mining companyalready covered by many media:
“With the recent improvement in Bitcoin prices and weather-adjusted energy costs, the reduction in activity of large miners has diminished, leading to the network’s record hash rate. »
Matthew Schultz executive chairman of CleanSpark – Source: Bloomberg
The bitcoin price fall has put cryptocurrency miners to the test. The last green lifts from the king of cryptos have, as the saying goes, found some hope, almost making us forget the cries of despair from some mining giants. Argo, for example, was still being treated until recently, thanks to $100 million recovered by selling one of its Bitcoin mining sites to Galaxy Digital.
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