So it's not because of mining, but because of foolish exposure to Celsius.
The clown crashing cycle continues.
The clown crashing cycle continues.
It wasn't investing or depositing with that Ponzi scheme, Celsius bought gear and hosting from Core, and they still owe them money, it was about $5 million and a running 2 million loss a month if they could still make ~35 cents per TH/s like the whole period last year from April till the end of the year instead of the ow 7cents per TH/s they could have easily covered the running cost from the profits, but they are barely profitable themselves.
I hope this actually discourages huge mining farms and encourage mining pools instead which improve decentralization. Small or medium scale miners from all over the world (esp in cold regions) pooling together resources to mine, earn and share rewards is better. One of the main reasons it is better is that they can use the miners to heat their home during winter or for other multiple uses while mining Bitcoin.
If people go bankrupt at 4 cents per kWh, how many do you think will mine when their electricity prices are 10 times that?
Ok, you do it for heating, but you need sound insulation, you need a stand-alone house, you need to sometimes shut it down as you don't need that much heat, and what will happen in summer? 90% of the hashrate goes down one single major farm owns some other 90% of the hashrate?
