Bitcoin mining is becoming a more difficult business as the network gains strength.
Bitcoin rose more than 12% in the past seven days and the network hash rate hit an all-time high.Core Scientific, the top performing publicly traded miner, has appeased Wall Street by moving into artificial intelligence and high-performance computing.On the plus side, the cryptocurrency rose 12% in the past seven days and the network hash rate hit an all-time high.
Jefferies said North American publicly traded mining firms minted a smaller share of new bitcoin in August compared to July, falling to 19.9% of the total network. They're still spending on equipment upgrades, meaning efficiency is improving but economics are getting worse. Core has more than doubled in value since its return to the stock market and now has a market cap of close to $3 billion.
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