Sustainable Us (@havantenviro.bsky.social)

Bitcoin Is Crashing So Hard That Miners Are Unplugging Their Equipment Bitcoin is crashing hard, reaching historic lows of well below the $70,000 mark. At the time of writing, the token is hovering just above $63,000, levels we haven’t seen since October 2024. The ongoing plunge has made it far less economical to mine the digital token, a notoriously compute- and energy-intensive process — to the point that large-scale computing companies are starting to unplug their equipment, as Bloomberg reports. As prices continue to plummet and electricity costs climb, it’s become tough out there for a crypto miner. The hash price index, which is used to determine how much revenue miners can make by mining crypto, reached its lowest point on record this week, according to mining services company Luxor Technology. According to Coindesk, the average cost to mine one Bitcoin is currently around $87,000 — far higher than its current going rate, making it an extremely unprofitable proposition. It’s a massive wipeout as investors continue to sell off their reserves, with some comparing it to the time China banned crypto mining in 2021. Crypto enthusiasts are expecting the worst, with some predicting the token will nosedive to just $30,000. “The decrease is historic, the largest since the China ban,” mining... https://futurism.com/future-society/bitcoin-crashing-miners-unplugging-equipment