Bitfarms reduced its forecast from 8.0 EH/s to 6.0 EH/s, while Canadian mining company HUT8 cut its end-of-year forecast from 6.0 EH/s to EH/s. Many large institutional miners that do not have fixed-price contracts with electricity providers have had to slash forecasts of projected hashrate growth.Īrgo Blockchain, for example, recently slashed its projected hashrate growth from 5.5 exahashes per second (EH/s) to 4.1 EH/s. It’s more of a long-tail way to measure sentiment changes in the market.” said Jack Melnick of Tie.īitcoin mining consumes large amounts of electricity, and securing affordable power plays a significant role in the future of many institutional miners. Long-term sentiment is more of a measure of how people are feeling this quarter relative to the prior two. last a way to measure short-term changes in sentiment momentum. “Short-term sentiment can be thought of as more of measure of how people are feeling about this week vs. 25, 2022, while its longer-term indicator reached a 3-month high. According to a researcher from The Tie, a company that measures, amongst other things, investor sentiment, said that its short-term bitcoin sentiment indicator hit a low of 44.2 on Sep. In the short-term, bitcoin miners could be in for a rough ride. According to, bitcoin mining revenues touched $19 billion at press time, with the Bitcoin price hovering around $19,300. The reward is currently 6.25 BTC for each successfully-mined block. Hence mining revenues are directly tied to the bitcoin price. Miners are rewarded in BTC-denominated transaction fees and block subsidies for solving the cryptographic problem. One miner solves the cryptographic problem, known as a hash, to add a new block of transactions to the network, and others on the network verify the solution. This objective is usually achieved by using special-purpose mining computers called ASICs. Mining is the process of solving a cryptographic problem to verify transactions on the Bitcoin network. One explanation is that due to Ethereum’s withdrawal from POW, relatively cheap electricity was used for BTC mining, resulting in more mining machines being used.
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