Foundry’s business development senior manager Charles Chong also weighed in on the subject, while the firm declined to comment on whether it had held any BTC holdings in 2023.
“However, we are in a different time now with scarce external capital and only a 15-30% margin, forcing miners to liquidate their bitcoin to cover operational costs.” It’s worth noting that the Bitcoin mining difficulty has also hit recent all time highs, which suggests that the network is at its most robust. Chong explained that new, more efficient mining capable of higher hashrates have continuously been released into the market in 2023, which has forced miners to refresh their fleet to continue producing BTC at a profit.
A spokesperson from Braiins mining told Cointelegraph that continuing difficulty increases are a result of hashrate increasing, which signals that industry participants see potential upside for BTC's price in the future:
The Bitcoin mining ecosystem has had an eventful year. The industry scored a staggering $184 million from transaction fees in the second quarter of 2023, eclipsing the total of 2022 on the back of a BTC price rebound and hype around BRC-20 tokens.
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