Their electricity bills are surging. Their equipment isn’t worth what it used to be. Things are looking bleak for companies that mine bitcoin and ether.
“I don’t think we are at the max pain yet in mining,” said Amanda Fabiano, head of mining atBitcoin miners set up and run the powerful computers that process bitcoin transactions. Those computers generate random numbers in hopes of finding the right combination to unlock formulas; the first to do so are rewarded with newly created bitcoins.
Crypto enthusiasts used to routinely mine bitcoin with one machine at home. Now, bitcoin mining companies run banks of high-powered—When bitcoin’s value soared last year, bitcoin-mining machines became a hot commodity. The rush to load up on mining rigs then was akin to “buying spades in the middle of the gold rush,” said Andy Long, chief executive of bitcoin miner White Rock Management.
Some analysts worry that more forced selling of bitcoin could lie ahead, particularly as miners also struggle with energy-price shocks. Miners of ether, the second-biggest cryptocurrency, face an even bleaker winter than their bitcoin counterparts.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Mining Expansion Heats Up: Crypto Miner Secures Underground Bunker, Cleanspark Snags Turnkey Mining Site – Bitcoin NewsBitcoin mining operations continue to truck on through the CryptoWinter as a number of miners have revealed expansion plans.
Read more »
Saylor gets sued, FBI warns about DeFi exploits, and Crypto.com drops $495M sponsorship: Hodler’s Digest, Aug. 28 - Sept. 3US Fed chair favors hard line in crypto, and GameStop doubles down on crypto amid a new partnership with FTX US. Keep track of this week's news on our Hodler's Digest.
Read more »
An Underground Tank Is Leaking Massive Amounts of Radioactive WasteAt least 200,000 gallons of nuclear waste are threatening to contaminate one of the largest rivers in the country.
Read more »
New Terra LUNA Records 3,300% Spike in Trading Volumes as Price Triples, What Is Happening?Terra LUNA demonstrating unusual 3,300% spike in trading volume as price rallies LUNCcommunity LUNCARMY LuncGrow LUNACLASSIC LunaClassicCommunity
Read more »
Will Clemente Thinks Bitcoin Gives Bullish Signals and Is Underweighted NowMarket underestimates Bitcoin and ignores bull signs, says WClementeIII btc crypto cryptocurrencies $btc
Read more »