A closer look at how much more difficult 2022 was for Bitcoin miners than the year prior.
The mining data site Hashrate Index has released a report reflecting on the state of the Bitcoin mining industry throughout 2022.
The 2022 yearly average hashprice was $123.88/PH/day, a steep decline from the $314.61/PH/day average in 2021. The steep decline was driven largely by the onset of Bitcoin’s bear market but also by an average 16% increase in energy costs across the United States in 2022. Rising energy costs also caused the cost of hosting services to spike. Whereas a “reasonable contract” may have offered prices at $0.05-$0.06/kWh before 2022, it’s now “not uncommon” to see rates around $0.08-0.09/kWh. “Anything below $0.075/kWh is considered “a steal” given market conditions,” the report continued.Meanwhile, the trade on ASICs– the specialized machines used to efficiently mine Bitcoin – has plummeted.
In 2022, Bitcoin’s overall hashrate rose by another 41%. This, too, was largely driven by public miners, which increased their cumulative hashrate by 59% versus a 19% increase among their private counterparts.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Congo national park’s bitcoin mining bet saved it from going bust: MIT Tech ReviewCongo's Virunga National {ark was in desperate need of money to stay afloat. A hydro-powered bitcoin mine was the answer, helping it to fund jobs, conservation and infrastructure.
Read more »
DMCC Crypto Centre Surpasses 500 member companies in 2022 – Emerging Markets Bitcoin NewsFueling this surge in the demand for space at the DMCC Crypto Centre is the 23% year-on-year increase in the number of registered members. dmcc blockchain
Read more »
Bitcoin mining report: Jan. 12Bitcoin mining stocks were higher on Thursday.
Read more »
Celsius sells bitcoin mining machines for $1.3 millionBankrupt firm Celsius is selling 2,687 'new-in-box' mining machines for $1.3 million.
Read more »
Hive Blockchain Deploys First Intel-Powered Bitcoin Mining MachinesCrypto miner HiveBlockchain has deployed its first machines based on Intel’s Blockscale mining chips. egrecehee reports
Read more »
2022 Hyundai Ioniq 5 Review: more than a pretty face | Digital TrendsThe Hyundai Ioniq5 may have a design that’s straight out of an old-school video game, but it’s a high-tech electric car that’s firmly planted in the present.
Read more »