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Bitcoin miners are feeling the heat - and the pain's rippling downstream to pressure prices. The cryptocurrency's spectacular rally in 2021 drew thousands of entrants into mining, or producing new coin. As a result the hashrate, or combined computational power used by bitcoin miners globally, has roughly quadrupled over the past six months to blow past 200 million "terahashes"
Bitcoin miners are feeling the heat and the pain’s rippling downstream to pressure prices. The cryptocurrency’s spectacular rally last year drew thousands of entrants into mining or producing new coin. As a result the hashrate, or combined computational power used by bitcoin miners globally, has roughly quadrupled over the past six months to blow past 200 million “terahashes” per second. A rising hashrate makes it harder for miners to earn coins and cover their costs of hardware, electricity and staff, so many are more likely to sell, rather than hold, their newly minted cryptocurrency...
Total value of coins held in miners' wallets has fallen to around $75 billion from $114 billion at the start of November
A recent meetup on the Capitol Hill highlighted several key debates that will define the mining industry’s development in the years to come.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.