YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Public Bitcoin Miners Survive In Bear Market – Bitcoin Magazine

October 6, 2022
in Bitcoin
Reading Time: 2 mins read
A A
ShareShareShareShareShare

You might also like

Ethereum Price Regains Strength But Key Downtrend Resistance Intact

Ethereum Price Regains Strength But Key Downtrend Resistance Intact

June 7, 2023
Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

June 6, 2023

This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Marathon Digital Holdings CEO Fred Thiel to talk about what it’s like to be a publicly traded bitcoin miner during the bear market and what moves bitcoin miners can make to better secure their future while navigating bear markets.

Watch This Episode On YouTube Or Rumble

Listen To The Episode Here:

P: It sounds like you guys are focused on geographically distributing yourselves so that you are not as much at risk for these kinds of regulatory attacks. This totally makes sense to me. I’m curious, how much of a tailwind did you guys experience from the China mining ban, if at all?

There was such a strong narrative around all of these ASICs leaving China and flowing into other places or entering the market, I’m just curious what your experience of that was, given the position that you’re in.

Fred Thiel: Yeah, we had a great tailwind that was counterweighted, if you would, by the fact that our hardened facility had continual operational issues. I don’t have to go into those because we’re now fully transitioned out of that site, but it was a coal-fired power plant that just kept breaking. So we got really optimistic, “Great. All this hash rate is coming down, we’re gonna be able to mine a huge ton of bitcoin,” and then all of a sudden, “Oh, the power plant is down again.”

For us personally, we experienced — when the plant was running — great rewards. On some days, we were mining four blocks with the small amount of hash rate that we had, which was excellent.

But eventually, the global hash rate caught up and here we are now, back on trend where we should have been. We’re at about 240 exahashes globally today and I think we’re gonna continue to see that hash rate grow as we continue to deploy, as other large miners continue to deploy.

I think we’ll eventually get back to a place where — potentially before the next halvening — we’ll see global hash rate, north of mid-300s, something like that. That’s gonna be really interesting for this industry. I think bitcoin price has to move a whole lot to compensate miners for the impact of the halving come early 2024.

Credit: Source link

Related Stories

Ethereum Price Regains Strength But Key Downtrend Resistance Intact
Bitcoin

Ethereum Price Regains Strength But Key Downtrend Resistance Intact

June 7, 2023
Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic
Bitcoin

Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

June 6, 2023
El Salvador’s Bitcoin Bill Is Now Two Years Old, How Has The Country Fared Since Then?
Bitcoin

El Salvador’s Bitcoin Bill Is Now Two Years Old, How Has The Country Fared Since Then?

June 6, 2023
US Doesn’t Need More Digital Currency, It Already Has The Dollar, Says SEC Chair
Bitcoin

US Doesn’t Need More Digital Currency, It Already Has The Dollar, Says SEC Chair

June 6, 2023
Next Post
Coinbase Introduces PayID and Premium Services for Aussie Retail Customers

Coinbase Introduces PayID and Premium Services for Aussie Retail Customers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Silvergate denies nepotism before U.S. senators

Silvergate to submit shutdown plan in coming days after Federal Reserve order

June 1, 2023
FBI urges caution with cryptocurrency scams on the rise – 9News.com KUSA

Crypto Hacks, Scams & Rug Pulls: Don’t Let This be YOU! Why CRYPTO is so DANGEROUS – Yahoo Canada Sports

June 2, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 26,806.00 4.26%
    • ethereumEthereum (ETH) $ 1,874.79 3.22%
    • tetherTether (USDT) $ 1.00 0.03%
    • bnbBNB (BNB) $ 277.00 0.06%
    • usd-coinUSD Coin (USDC) $ 1.00 0.06%
    • xrpXRP (XRP) $ 0.529145 3.74%
    • staked-etherLido Staked Ether (STETH) $ 1,873.20 3.26%
    • cardanoCardano (ADA) $ 0.341804 3.13%
    • dogecoinDogecoin (DOGE) $ 0.069507 4.22%
    • solanaSolana (SOL) $ 20.04 0.06%
    • matic-networkPolygon (MATIC) $ 0.804180 2.65%
    • tronTRON (TRX) $ 0.077174 2.03%
    • litecoinLitecoin (LTC) $ 90.16 3.07%
    • polkadotPolkadot (DOT) $ 5.19 2.37%
    • avalanche-2Avalanche (AVAX) $ 14.56 3.31%
    • binance-usdBinance USD (BUSD) $ 0.999798 0.03%
    • shiba-inuShiba Inu (SHIB) $ 0.000008 0.35%
    • daiDai (DAI) $ 1.00 0.16%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 26,822.00 3.94%
    • uniswapUniswap (UNI) $ 4.75 0.25%
    • leo-tokenLEO Token (LEO) $ 3.53 0.67%
    • chainlinkChainlink (LINK) $ 6.18 1.55%
    • cosmosCosmos Hub (ATOM) $ 10.03 0.35%
    • okbOKB (OKB) $ 45.16 1.95%
    • moneroMonero (XMR) $ 146.48 3.05%
    • ethereum-classicEthereum Classic (ETC) $ 17.33 1.43%
    • the-open-networkToncoin (TON) $ 1.66 0.63%
    • stellarStellar (XLM) $ 0.089165 1.58%
    • bitcoin-cashBitcoin Cash (BCH) $ 113.64 3.82%
    • lido-daoLido DAO (LDO) $ 2.39 8.49%
    • true-usdTrueUSD (TUSD) $ 0.999939 0.11%
    • internet-computerInternet Computer (ICP) $ 4.35 0.58%
    • filecoinFilecoin (FIL) $ 4.31 1.84%
    • quant-networkQuant (QNT) $ 116.39 5.55%
    • aptosAptos (APT) $ 8.11 1.07%
    • hedera-hashgraphHedera (HBAR) $ 0.049359 0.91%
    • crypto-com-chainCronos (CRO) $ 0.059625 1.76%
    • arbitrumArbitrum (ARB) $ 1.17 3.2%
    • nearNEAR Protocol (NEAR) $ 1.49 0.47%
    • vechainVeChain (VET) $ 0.018559 0.22%
    • apecoinApeCoin (APE) $ 2.97 0.88%
    • the-graphThe Graph (GRT) $ 0.116800 0.09%
    • paxos-standardPax Dollar (USDP) $ 0.999184 0.09%
    • fraxFrax (FRAX) $ 0.997917 0%
    • eosEOS (EOS) $ 0.888000 5.07%
    • algorandAlgorand (ALGO) $ 0.134304 1.95%
    • the-sandboxThe Sandbox (SAND) $ 0.514914 0.9%
    • rocket-poolRocket Pool (RPL) $ 48.83 3.3%
    • optimismOptimism (OP) $ 1.45 1.94%
    • elrond-erd-2MultiversX (EGLD) $ 36.22 0.74%