Bitcoin Miners Bail out as Energy Prices Soar and Profitability Plunges - BitcoinEthereumNews.com
अधिक से अधिक Bitcoin miners are throwing in the towel amid soaring energy prices and plunging profitability. This has had a knock-on effect on hash rates and difficulty, which are also starting to fall. As Bitcoin mining becomes less profitable, more and more rigs are being powered down, resulting in a fall in hash rate and difficulty. में रिपोर्ट on the State of the Network, analytics firm CoinMetrics delved into the mining sector in what has been a highly volatile quarter for crypto markets. It cited rising energy costs as a primary reason for the Bitcoin miner exodus. Combined with the slump in BTC prices, the double whammy means more miners are powering down. “Even with the most cutting-edge mining hardware such as Bitmains Antminer S19, each machine costs as much as $1.50 more per day to operate now vs. a year ago,” it noted. Industrial-scale mining companies with tens of thousands of these machines will be feeling the pinch. Bitcoin plunging profitability Mining profitability, measured in dollars per day per terahash per second, started falling when markets did, just after their Nov peak. Since then, mining profitability has slumped 82% from $0.45/day per TH/s to $0.08/day per TH/s, according to Bitinfocharts. It is currently at its