Tuesday, January 31, 2023

Bitcoin miners’ worst days may have passed, but a few key hurdles remain By Cointelegraph


© Reuters

Bitcoin’s mining industry has been relatively stable compared to the bearish price action and the tumultuous fallout of exchanges and lending companies.

The network’s hashrate dipped slightly toward the end of 2022, primarily due to an unprecedented blizzard in the U.S., and has since recovered strongly to surpass its previous peak above 270 EH/s. It was particularly encouraging to see that the hashrate holding well above summer 2022 lows, despite the aftermath of FTX collapse.

7-day average hash rate. Source: Glassnode
Average price of Bitcoin ASIC mining machines. Source: Hashrate Index
The launch dates of miners with their power ratings. Source: Hashrate Index
Bitcoin one-hop miner supply. Source Coinmetrics