Energy costs are soaring, bitcoin's price is plummeting — and that's why big crypto miners are selling tokens at a discount
— Soaring, Loans, Energy, Tokens, Miners, Bitcoin, Costs, Companies, Thats, Mining, Deep, Selling, Crypto, Plummeting, Prices, Discount, Price — 1 min read
Companies with bitcoin-backed loans are at risk of collapse, and individual miners will be squeezed out, analysts said. Electricity costs are soaring, putting pressure on profits for companies involved in energy-intensive bitcoin mining. Publicly-listed companies are selling their mined tokens at a deep discount to cover rising costs. Mining companies are attempting to boost their profits by cutting costs and selling some of their bitcoin, even though its price is around its lowest in 18 months amid a deep crypto sell-off. Smaller miners are unlikely to be turning a profit right now, according to Cambridge University's Neumueller, an analyst said, "It's hard to imagine someone who's set up a few machines in their house or garage making a profit anymore" Source