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Picks and Shovels Depreciate

Illegal gold miners in Niger.

Illegal gold miners in Niger.

Photographer: CRISTINA ALDEHUELA/AFP

Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, David Pan checks in on the shifting economics of Bitcoin mining:

Bitcoin mining machines were a hot commodity during last year’s historic bull market. The digital money printers were commanding over $10,000 apiece and a futures market even developed for the computer rigs since manufacturers couldn’t meet demand.