Beleaguered bitcoin miners are finally feeling the spring sunshine after a cold, hard crypto winter.
Bitcoin mining is the process by which a network of computers validates a block of transactions on the blockchain. Miners are rewarded with bitcoin for completing a block, competing against other miners by solving intricate maths puzzles with energy-intensive computing systems, meaning electricity comprises a significant chunk of their operating costs.
That means that despite both the computing power available on the network and mining difficulty rising steadily to new all time highs - meaning it should take more power to mine one block - the 30-day average cost-per-transaction for miners has fallen to its lowest level since September, Blockchain.com data showed.Miners can't get too cozy though, given their fortunes are tied to bitcoin's capricious price trajectory.
Despite improvements in their balance sheets, many miners still have plenty of debt to pay down and are still struggling, said Luxor's Mellerud. Most companies are focusing on debt reduction rather than spending on new equipment, BTIG said, even as the estimated cost of new mining rigs has dropped around 69% since the end of 2021.taking advantage of falling prices to purchase of 45,000 new mining rigs, which would nearly double its computing power.
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