Cryptocurrencies
Bitcoin Mining in 2023: No Rest for the Weary (Podcast)
As miners continue to weather the winter, the outlook seems opaque at best.
Mining rigs in a cryptocurrency mining farm.
Photographer: Valeria Mongelli/BloombergThis article is for subscribers only.
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It has been a tough winter for Bitcoin miners. As prices of the largest token have fallen from their record highs, there have been bankruptcies and warnings of potential bankruptcies. Billions of dollars in losses. Forced sales of equipment. Regulatory uncertainty in states like New York. Increased criticism of the energy consumption associated with the sector…the list goes on.