Another large bitcoin mining difficulty adjustment upward could lead to revenue declines of more than 10% for beleaguered miners. By Aoyon_A.
) block is set to see another large increase early next week, weighing further on profit margins.
“A combination of high-efficiency machines such as the S19XP getting delivered, cooler temperatures heading out of summer, lower power costs in the U.S. and old ETH-mining power capacity being reallocated has led to a sharp increase in network hashrate,” he told CoinDesk. The measure has already seen a large increase in August as miners in North America started to ramp up production ahead of the cooler months. Earlier this summer, miners across the U.S. and in Texas, a hub for the industry, wereMargin squeeze for bitcoin minersfor the miners, who have seen profit margins shrink as bitcoin prices plunged more than 50% this year, while power prices soared and capital dried up.
“If hashprice continues to decline, either through difficulty increases or falling bitcoin price, we will likely see some more distressed situations come to market in Q4,” Vera added, noting that miners with high debt load and costs are at most risk in this environment.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cryptocurrency miners line up to come to Texas, and rural counties are welcoming themEager to bring new jobs to their towns and boost their tax base, rural Texas counties are courting companies that produce cryptocurrencies.
Read more »
Bitcoin miner profitability under threat as hash rate hits new all-time highIs another Bitcoin miner capitulation in the cards? On-chain data illustrates just how much pressure miners are under and the recent all-time high in hash rate might not be helping.
Read more »
Bitcoin Miner Marathon Invested $31.3M in Bankrupt Data Center Compute NorthOne of the largest bitcoin miners, MarathonDH said it has a total of more than $30 million in investments in a bankrupt data center computenorthllc. Reports Aoyon_A
Read more »
Saving the Amazon: how science is helping Indigenous people protect their homelandsDrug runners, gold miners and loggers are rapidly invading the remote Peruvian Amazon, home to isolated people and a wealth of biodiversity. Nature met the researchers and Indigenous communities fighting to stop the destruction.
Read more »
Bitcoin miner CleanSpark posts 21% hash rate growth in SeptemberBitcoin miner CleanSpark grew its hash rate by 21% and bitcoin mined by 13.4% in September.
Read more »
Bitcoin miner profitability under threat as hash rate hits new all-time highIs another Bitcoin miner capitulation in the cards? On-chain data illustrates just how much pressure miners are under and the recent all-time high in hash rate might not be helping.
Read more »