Bitcoin Miners Take Advantage of the Crypto Market’s Rally With a Comeback (Podcast)
Bitcoin’s strong start to 2023 is welcome relief for battered miners.
Photographer: Paul Yeung/Bloomberg
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Cryptocurrencies, Bitcoin in particular, are having a strong start to 2023. That’s resulted in a couple of interesting consequences for some of the most important players in the market: Bitcoin miners.
This year has also seen a lot of significant weather events affecting the US, including recent winter storms in Texas that have left hundreds of thousands of people without power. Energy is one of the most important costs that Bitcoin miners must absorb -- they just can’t run all those machines in their data centers without electricity.
Recently, we discussed the challenging conditions that Bitcoin miners in the US and around the world have been facing. On this episode we discuss how some miners have been able to adapt and take advantage of current market conditions to try to put themselves on slightly more stable financial footing. Bloomberg reporter David Pan follows Bitcoin mining and joins this episode.