Several bitcoin miners have seen tough times during recent market turmoil – but they do not seem to come to an end soon.
Many cryptocurrencies have struggled during the recent market crash. This also put numerous crypto miners, especially bitcoin miners, in quite a tough situation. The consistent drop in price of top crypto assets made it hard for miners to survive on their own, booking profits was not even in the scene. Now another concern for bitcoin miners has grown up recently around the rising cost of mining bitcoin (BTC).
On 9th July, a Twitter account PricedinBTC, shared a post on its social media account describing the cost to mine BTC in different states of the US. This insight caught enough attention, given the already going on headlines in news about beleaguered bitcoin miners. Following this, some people came forward stating that increasing trouble for bitcoin miners could result in bringing bitcoin stuck into downward motion.
For quite some time during the recent market downturn, many BTC miners had taken some tough calls. Some of them had seen to sell their bitcoin from their crypto reserves to keep the operation continuing. While others have laid off their employees in order to minimize the expenditures.
However, not everyone agreed with PricedinBTC’s price prediction of cost in BTC mining across different states of the United States. Arthur Mining is a professional bitcoin mining company that operates in the United States region. CEO of Arthur Mining – Raymond Nasser – the margins of their company do not justify with the data shown by PricedinBTC.
Nasser said that the data in the diagrams are a subjective matter. While explaining the reason, he said that the new biggest projects entering the space seeking off-grid solutions. However, the diagram only represents the cost of on-grid energy that is used in urban areas and hence they are quite expensive. Nasser added that the overall energy costs of Arthur Mining in two different states are even lower than $0.02 kWh.
The current capacity of Arthur Mining is about 25 megawatts and the mining company also focuses on keeping their operations continuing while using more environmentally friendly energy resources.
Source: https://www.thecoinrepublic.com/2022/07/18/can-budding-troubles-for-bitcoin-miners-result-in-btc-price-crash/