206 sats \ 1 reply \ @phaedrus 3 Oct 2022 \ on: New Hashrate ATH 271.9258 EH/s bitcoin
Any explanations why hash rate keeps going up?
I'm glad it does, but it makes no sense to me. Given the price of btc and the fees, It seems like it must be getting really hard to be profitable, right? Are these miners all maxis believing in the future of Bitcoin willing to take losses now?
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0 sats \ 0 replies \ @k00b 3 Oct 2022
I suspect a lot of the energy and hardware deals were made well in advance and many of them have no choice but to mine at a loss to offset costs. Otherwise I agree, hard to make sense of
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