CandleFocus Miners ditch Bitcoin for AI as energy costs surge
2024-09-15
Author: Content Editor
Bitcoin miners are facing challenges due to rising energy costs and the halving event that reduces their rewards. Mining Bitcoin is becoming less profitable, leading to bankruptcies for some companies. The increasing number of miners online also makes mining more difficult. While some miners are hopeful that newer machines can improve efficiency, the economics are still challenging. Some companies, like Core Scientific, have diversified their operations into artificial intelligence (AI) and high-performance computing (HPC), which has helped them thrive. The price of Bitcoin at the time of writing is $59,854.
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