Bitcoin miners stung as fallout from price collapse widens

Bitcoin miners have been forced to change tack as tumbling prices threaten to undermine their heavy investment in technology. Bitcoin hash rate, a measure of the amount of power dedicated to creating new coins, has fallen 4 per cent since the start of the week. The decline suggests digital miners are dedicating fewer computing resources to crack complex puzzles, for which they are rewarded with newly minted bitcoin. Bitcoin has lost more than 50 per cent of its value this year to trade below $21,000. Rising energy costs, related to the war in Ukraine, have hit the profits of many companies. Companies that have turned to banks or markets for capital in the past are now finding it tougher; equity markets have dropped and appetite for fundraisings has weakened. Source