Bitcoin Mining Faces Mixed Fortunes as Industry Adapts to Economic Shifts
Key Points The cryptocurrency rose 12%, and network hash rates hit a record high. Profitability declined by 11.8% in August, squeezing revenues for miners. Bitcoin’s halving event has reduced miner revenues, pushing some companies to upgrade equipment. Core Scientific has diversified into AI and HPC, boosting its stock and market cap. This past week was full of highs and lows for bitcoin enthusiasts. On the upside, the cryptocurrency surged 12%, and the network’s hash rate—a measure of the total computing...