Starting in late 2021, mining firms took out big loans to build out mining capacity. This hypercharged the development of new mining sites, and the hashrate quickly climbed. However, the economics of mining also deteriorated significantly due to the increased competition and, later, the bear market – sending some of the industry’s biggest companies to bankruptcy court.
Bitcoin Mining Hashrate Climbs to 300 EH/s Mark as Industry Gets Some Breathing Room
