Bitcoin Miners Power Up Rigs Again as Market Stages a Rebound
- Computing power used to mine Bitcoin surges by over 10%
- The token gained 23%, its largest weekly rally in two years
Photographer: Andrey Rudakov/Bloomberg
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Bitcoin miners are turning their machines back on as the digital asset heads for what could be its longest winning streak in a decade.
Mining difficulty, a measure of the total amount of computing power used to mint Bitcoin, has soared by over 10% during the most recent two weeks ended Sunday, according to data from crypto-mining website btc.com. The surge reveals that miners are plugging their computers back in to shore up revenue as Bitcoin rallies. Since early last year, low coin prices and high energy costs have battered miners. Large-scale miners struggling to repay mounting debt are on the verge of bankruptcy.