After a tough 2022, bitcoin mining is swinging upward, as CoinDesk analyst George Kaloudis writes. The bear market that sapped costs and publicly traded miners’ shares tumbling has lessened this 12 months. Crypto mining is now principally wholesome. Bitcoin community’s hashrate, a measure of the quantity of computing energy dedicated to working the community, exhibits a bountiful capability with which to run crypto’s premier community. As of July 21, Bitcoin’s hashrate was 400 exahash per second, up five-fold from June 2021. And quite a lot of miners have returned to report wholesome margins, particularly those who have entry to low-cost power like TeraWulf (WULF) and CipherMining (CIPHER), whose gross margins in Q1 2023 exceeded 60% (see beneath).
