Bitcoin miners say it’s hard to survive in this low-profit environment

Running a bitcoin mining business can be very worrying lately. The slump in the cryptocurrency market has caused BTC’s value to drop by a third of its all-time high in November 2021, forcing miners to sell some bitcoin holdings against work prices and different monetary liabilities. Additionally, concerns about the environmental impact of crypto mining remain a difficulty that miners should continue to face for years to come.

Sadly, not everyone survives. “Hedge funds have exploded in a short period of time,” Hansen added. “I believe it will take 3 to 6 months for the miners to explode. So we will see who has good operations and who can survive in this low-margin environment.”

Magdalena Gronowska believes that mining could fund higher waste management and additional analysis of clean energy. “What I think is actually shocking about bitcoin mining is that it offers a whole new option to finance or subsidize electricity or waste management infrastructure events,” she said. “It’s a way to go beyond the standard taxpayer or electricity taxpayer path because it all depends on a lofty financial incentive system.”

At the same time, Hashworks CEO Todd Esse believes that crypto mining will eventually be concentrated in pure asset-rich areas, as these locations will have the ability to generate electricity at a significantly reduced value . “I think a lot of the mining along the way is probably going to be in the Middle East and North America and to some extent in Asia,” he said. ” In the long run, it depends on how much they’re going to be reduced. That actually says the supply of pure assets and the price of energy.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-miners-say-its-hard-to-survive-in-this-low-profit-environment/
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