Will 2023 remain a bad year of Bitcoin mining?
With uncertainty looming in the Bitcoin mining industry, Hashrate Index, a prominent mining data firm has highlighted a possible outlook for the ecosystem in 2023. As per the report, the bear market is expected to end soon. However, the start of a “full-scale bull market” could take time. It should be noted that the current bear market has existed for 376 days now. While the market is expected to take some time to recover, the Bitcoin mining industry could further crumble. Bitcoin’s hash rate to take a back seat in 2023 Despite the bearish regime of 2022, the hash rate of Bitcoin managed to thrive. However, 2022 ended on a rather bitter note following subzero temperatures in Texas. Since the region struggled to remain stable amid a power shortage, the mining sector was heavily impacted. Source Elaborating on BTC’s hash rate over the next couple of months, the report said, “We will most likely see the hashrate growth slow down in 2023, as the...