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So far, 2023 has turned out to be in favor of the bull as the price of (CTB) has gone up by more than 40%. But after a disastrous 2022, Bitcoin miners should finally start to come back online
According to data from TradingView, BTC hit a local bottom at around $16,500 on Jan. 1 and pumped to a maximum of 23,000 dollars in January. 23.
The rising price of Bitcoin also translates into higher profitability for Bitcoin miners.
Bitcoins Hashrate Edging upwards.
The Bitcoin hashrate has followed an upward trend compared to the lows of 2022. According to coinwarz data, the last BTC hashrate is 272.94 eh/s. this year it registered a new 296.8 eh/s high on Jan. 16.
The hashrate indicates how powerful a blockchain network is to compute. It goes up when more computers join a blockchain network to handle hashes.
So, an increase in hash indicates that more Bitcoin miners are involved in validating transactions and maintaining the secure network.
Jaran Mellerud, an analyst at Hashrate Index, told the Financial Times, “The sentiment among miners is better than in a long time. For many players facing bankruptcy, the sudden rise in the price of bitcoin is a life-saver."
Major Mining Companies Tumbled During Crypto Winter
The last months of 2022 were a huge challenge for mining companies when the FTX collapse triggered an extreme crypto winter. One of the largest crypto mining companies, Core Scientific, filed for Chapter 11 bankruptcy in Dec.
Other mining companies such as Riot Blockchain, Marathon Digital Holdings Inc., and Hut 8 Mining Corp have shown annual revenue declines and huge losses.
However, the stocks of these Bitcoin mining companies gave double-digit gains to investors in 2023 with the rising BTC price.
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