China’s crypto mining crackdown in 2021 seemed to banish bitcoin miners from China. Turns out the miners just went underground. gckaloudis writes in this week’s Crypto Long & Short newsletter.
in our future. Alternatively, maybe everyone is messing with us and using VPNs to change their location to China to make my job difficult.Amid falling bitcoin prices, there is also some concern around bitcoin miners and their profitability. There is a
Hashprice has trended down due to 1) the USD price of bitcoin falling, 2) more miners coming online and 3) the subsequent increased. Not exactly rosy, but it makes sense. And the decline is acting as a forcing function for mining operators to buckle down or shut down. Many industry practitioners are warning that this is the time when “only the strong will survive.”
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