UK Bitcoin Mining Firm’s Revenue Jumps 75% despite Bearish Q3UK Bitcoin Mining Firm’s Revenue Jumps 75% despite Bearish Q3

UK Bitcoin Mining Firm’s Revenue Jumps 75% despite Bearish Q3.

With Bitcoin bulled back yesterday, bitcoin bottoming fractal is playing out… Miners did not turn off their machines when faced with lower bitcoin prices. Even after dropping by more than 45 percent from its year-to-date high, the cryptocurrency continues to be profitable for the network participants. That is also visible in the bitcoin’s rising hash rate.

As of September 26, the amount of computing power involved in validating and adding transactions on the Bitcoin blockchain had hit above 108.48 trillion hash per second. Against the dwindling prices, the bitcoin network remained attractive to miners. Argo’s decision to expand its mining rigs further came on expectations of a bitcoin price recovery, especially ahead of the next year’s halvening event, which would slash the cryptocurrency’s supply rate by half.