Cryptoverse: Bitcoin miners escape the bear trap

Published by
Reuters UK

By Medha Singh and Lisa Pauline Mattackal (Reuters) – Beleaguered bitcoin miners are finally feeling the spring sunshine after a cold, hard crypto winter. The power-hungry companies that pump new bitcoin into circulation have been thrown a lifeline by the cryptocurrency’s rally to above $30,000 this year, which has conspired with falling electricity prices to boost their profitability. The 30-day average of mining revenues has risen to $27.34 million a day, the highest level since last June, according to data from Blockchain.com. That’s a relief for miners that struggled to service large debt …

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