Hash rate had its first major drawdown since July 2021 and public miners are feeling the pressure as tough conditions may last for a sustained period of time.
More announcements from public bitcoin miners on potential capitulation. Debt needs to be paid and cash is tight due to high hash rate and a low bitcoin price.
Miner capitulation is here. Core Scientific talks about potential bankruptcy, highlighting that cash resources will be depleted by the end of the year.
The bitcoin mining industry is under pressure as hash price reaches new lows, hash rate hits new all-time highs and the difficulty adjustment keeps going up.
Bitcoin’s hash rate has endured a series of significant price drawdowns only to emerge stronger than ever. We look at potential implications for bitcoin miners.
