Is the Bitcoin Mining Industry getting back on its feet?

Sahana Kiran
Source – Unsplash

Alongside Bitcoin [BTC], the mining industry witnessed a massive plummet this year. The depleting price of BTC caused strain on the miners, as they were pocketing limited rewards. During this time, miners went on a selling spree. BTC miners seemed to be officially done “hodling.” Back in November, the BTC network encountered the most aggressive selling in about seven years. The miner selling pressure recorded a surge of 400% within three weeks.

In addition to this, over the last couple of days, several mining giants were filing for bankruptcy. Core Scientific was the latest to file for Chapter 11 bankruptcy. Amidst this, the mining profitability continued to remain quite low.


As seen in the chart, Bitcoin mining profitability was at its lowest throughout November.

Furthermore, BTC’s price wasn’t doing any better either. The world’s largest cryptocurrency asset was back in the $16K zone. At press time, Bitcoin was trading for $16,876 with no major price changes over the previous 24 hours.

Taking all of these metrics into consideration, several in the community implied that Bitcoin is dead. However, a recent update from a BTC miner suggested otherwise.

Despite all of the discouraging metrics, Bitmain managed to clear out its latest batch of equipment in no time. Earlier today, Bitmain revealed that its Antminer HS3 was sold out in 27 seconds.

Each of these machines was further priced at $2092, and the indicators were 9T 2079W and 231J/T. It should be noted that the price of HNS has further plummeted by 90.5 percent over the past year.

Additionally, this brought respite to the market as the purchase indicated that miners were still interested in mining Bitcoin.

These countries are still looking for ways to mine Bitcoin

As speculations about how Bitcoin mining had reached its end began surfacing, certain countries continued to express interest in the same. According to Documenting Bitcoin, Nigeria topped the list of most Google searches for “how to mine Bitcoin.”

This list was topped by African countries that seem to have found an interest in Bitcoin mining.