The crypto winter has clearly been rough for the miners, who have seen profit margins shrink as bitcoin prices plunged more than 50% this year, while power prices soared and capital dried up. This has directly hurt prices for infrastructures required for bitcoin mining, including the highly specialized computers, which were in high demand during last year’s bull run, driving up prices to all-time-highs, according to an index maintained by Luxor Technologies. Prices for the mining machines have since crashed near their 2020 lows this year and in some instances, even the largest manufacturers, such as Bitmain, are offering large discounts to sell their mining rigs.
Grayscale’s New Venture Aims to Capture Bear Market Opportunities in Bitcoin Mining
