Apparently the big miners are stacking like crazy. And we're hitting new all-time high hashrates all the time: harsh freakin business.
Some, such as Mara and Riot, are now taking their lead from MicroStrategy, a software group turned bitcoin purchaser that has led the way in issuing long-term convertible bonds to buy bitcoin. Miners are also promising to make the cryptocurrency the reserve asset for their corporate treasuries, increasing their bitcoin reserves and retaining all the new coins they mine.
for many, the headlong rush to buy more of the currency they are also mining comes down to protecting themselves against further financial pressure from high energy costs.
Also, the cost of production for miners has risen a lot recently so it's a good thing the USD exchange rate is higher:
CoinShares, the investment group, estimated that the average cost to produce one bitcoin for all US-listed miners rose to $55,950 in the third quarter, up 13 per cent on the previous quarter. Including depreciation and stock-based compensation charges, the average cost to produce a bitcoin was $106,000.
Nice that the FT at least cover the industry but ah, man -- do they have to call the USD exchange rate increase "the Trump bump"?!
Ridiiiiic
nonpaywalled here: https://archive.md/Ea9KM