Here are three key takeaways about Bitcoin (BTC) mining:
1. The Bitcoin network's hash rate, a measure of its computing power, reached 400 exahashes per second as of July 21, 2023, a five-fold increase since June 2021, indicating the robust functioning of the Bitcoin network. [72†source]
2. While the mining industry is currently healthy, it has experienced challenging times since 2022. Bitcoin's price fell from over $48,000 in March 2022 to below $16,000 in November, leading to a significant drop in the share prices of several publicly traded mining companies. [73†source]
3. Bitcoin mining is closely tied to energy markets, with hardware and energy costs being major expenses for mining operations. In some jurisdictions, such as Texas, Bitcoin mining is seen as a way to improve the energy grid by providing a somewhat predictable revenue stream for power companies. [74†source]
