Bitcoin surged over 12% in the past week, hitting a record hash rate as miners struggle with declining profitability. While the network's security strengthens, investment bank Jefferies reports a significant drop in mining revenue, indicating a shift away from easy profits.
Bitcoin rose more than 12% in the past seven days and the network hash rate hit an all-time high.Core Scientific, the top performing publicly traded miner, has appeased Wall Street by moving into artificial intelligence and high-performance computing.
As bitcoin becomes more of an established, and even mainstream part of the economy, the days of easy money appear to be in the rearview mirror. Institutional capital hassince the SEC approved spot bitcoin exchange-traded funds in January, and the bitcoin network is more robust than ever, held together by a vast and decentralized network of miners securing transactions with the help of large banks of machines.
Marathon CEO Fred Thiel told CNBC that, due to the upgrade cycle, machines are able to hash twice as much as previous models with the same energy use.Riot CEO Jason Les is as bullish as ever on the future of bitcoin despite the challenging economic conditions. He said"bitcoin is the most sound money in the world," and"low-cost mining is an efficient way to get exposure to it.
"Our facilities were developed to be multi-use for not only just bitcoin mining, but also for the transition that we're doing right now to high-performance computing," Core CEO Adam Sullivan told CNBC.
Bitcoin Mining Hash Rate Profitability Halving
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