Bitcoin miners still bullish despite toughest bear market yet - Hut8, Foundry, Braiins

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Bitcoin miners weigh-in on record BTC outflows to exchanges, all-time high mining difficulty and the state of the industry.

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:

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin traders say 'get ready' as BTC price preps 2023 bull marketBitcoin is due to repeat previous BTC price cycles with an imminent bull market 'kick off,' say traders. Washigorira Bitcoin is closely copying prior BTC price cycles, and the time is almost right for a bullish surge, according to Titan of Crypto. Uploading historical BTC/USD price data, he drew attention to the 21-week SMA, currently at $27.9K per Cointelegraph Markets Pro and tradingview.
Source: Cointelegraph - 🏆 562. / 51 Read more »