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In the past two weeks, the rise in the price of Bitcoin has prompted crypto mining companies to restart mining machines



Time:8/7/2022 12:08:09 PM

[In the past two weeks, the rise in bitcoin prices has prompted crypto mining companies to restart mining machines] According to news on August 7, the rise in bitcoin prices in the past two weeks has prompted some crypto mining companies to start more mining machines, even though most of the United States is still in the dark. In the midst of hot weather that pushes up demand for electricity.

During the same period, the Bitcoin network difficulty increased by 1.7%. The previous bi-weekly adjustment fell to its lowest level since almost a year ago as miners shut down their machines.

While many bitcoin mining rigs suspended operations as electricity prices soared amid the heat, a rebound in bitcoin prices during the period boosted mining revenues, prompting more miners to restart their rigs. Since July 7, the price of Bitcoin has risen by 6.2%.

Jaran Mellerud, an encryption mining analyst at research firm Arcane Crypto, said: "Rising bitcoin prices have increased miners' profitability, and some miners who were forced offline in June and July may have reconnected their mining machines. "

Bitcoin miners have flocked to southern states such as Texas and Georgia, where they typically benefit from lower energy prices and easier regulation. In early July, record-breaking heat in Texas led to power shortages, forcing almost all industrial-scale mining companies to shut down their mining rigs in the state. (Bloomberg)

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