As miners continue to weather the winter, the outlook seems opaque at best.
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It has been a tough winter for Bitcoin miners. As prices of the largest token have fallen from their record highs, there have been bankruptcies and warnings of potential bankruptcies. Billions of dollars in losses. Forced sales of equipment. Regulatory uncertainty in states like New York. Increased criticism of the energy consumption associated with the sector…the list goes on.
One miner even changed its name to try to minimize its association with the sector (counterintuitive? You bet). The company formerly known as Riot Blockchain changed its name to Riot Platforms after seeing its share price fall around 85% in 2022.
So what’s on the horizon for Bitcoin miners in 2023?
To break down the latest in crypto mining, Bloomberg reporter David Pan and Mason Jappa join this episode. Mason is the CEO and co-founder of Blockware Solutions, a company specializing in mining services.
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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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