Hash rate had its first major drawdown since July 2021 and public miners are feeling the pressure as tough conditions may last for a sustained period of time.
More announcements from public bitcoin miners on potential capitulation. Debt needs to be paid and cash is tight due to high hash rate and a low bitcoin price.
The bitcoin mining industry is under pressure as hash price reaches new lows, hash rate hits new all-time highs and the difficulty adjustment keeps going up.
Bitcoin’s hash rate has endured a series of significant price drawdowns only to emerge stronger than ever. We look at potential implications for bitcoin miners.