As Bitcoin Falters, Crypto Miners Brace for a Crash
— Problem, Brace, Asics, Price, Company, Estimates, Miners, Crash, Mining, Energy, Rigs, Falters, Bitcoins, Crypto, Bitcoin — 1 min read
Last year, as bitcoin’s price rose as high as $68,000, miners were having a blast. Many of them decided to expand their operations at a frantic pace, bracing for an even larger 2022 bonanza. That windfall has not come to pass. The price of electricity has shot up across the world because of a bounce-back in demand and the war in Ukraine. In some parts of Europe, energy rates have shot up so dramatically that mining one bitcoin can cost up to $25,000. In short, miners are paying more to mint fewer bitcoins, and their coins are less valuable. Source