Public Bitcoin Miners Are Ramping Up

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

China’s mining exodus this year has become the biggest opportunity for bitcoin miners to capitalize around the world. Not only have we seen the network hash rate continue its aggressive recovery over the last few months, but we’ve seen mega growth in public bitcoin miner production with major mining opportunities unfolding, especially in the United States. One country’s ban is another country’s hash.

From Luxor’s Hashrate Index Quarter 3 Report, “Collectively in Q3, these miners mined 79% more bitcoin than they did in Q2 and 155% more than they mined in Q1.”

Luxor also expects global hashrate to reach previous all-time high levels in Q4 of 185 exahashes per second (EH/s; 1 exahash is 1 quintillion hash calculations), which would be a 215% increase from July lows. Currently we’re around 143 EH/s.

These public bitcoin miners above are just six of the now 24 in the growing market of a $15.82 billion industry market cap. The market cap doesn’t include Core Scientific, valued at $4.3 billion which went public via SPAC this year, or Bitfury, who announced plans to go public today valued at $1 billion.

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