Miners are throwing all available processing power to make more new coins and maximise cash flows.
Crypto enthusiasts have long lauded their currencies over fiat ones partly as protection from inflation.
The catch is that as more processing power is dedicated to mining, it becomes harder and costlier to create each new coin.Total processing power in use, called the hash rate, is currently at 220 million terahash per second, near its all-time peak. That might sound counterintuitive while prices are falling but bitcoin miners have bills to pay.
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.
Energy aid package for business on crisis agendaA crisis meeting of energy ministers on Friday will consider a financial aid package for business and manufacturers to help ease the cost of soaring energy bills.
Read more »
‘Fault all round’: Peter Dutton aims to deflect blame for Australia’s energy crisisLiberal leader says Coalition made ‘huge investments’ in renewables when in power and blames states for locking up gas reserves
Read more »
Everyday Aussies footing ‘avoidable’ bill for years of policy failureEveryday Australians are footing the bill for years of energy policy failures, culminating in the regulator taking unprecedented action, experts say. 7NEWS
Read more »
How Japan’s tragic nuclear towns are coming back to lifeEleven years after the tsunami, residents are gradually returning to Fukushima and are even making wine. But the energy crisis is firing up the nuclear debate again.
Read more »
Our fast guide to the energy crisis and what you can do about itExplainer: Our fast guide to the energy crisis and what you can do about it | NIck O'Malley angusgthompson
Read more »
‘Impossible to operate’: How the energy crisis unfoldedThe collapse of the 33-year-old National Electricity Market this week has raised big questions around the management of the energy transition.
Read more »