Bitcoin Miners Rethink Trading Strategies to Survive the Long Term

An insight into why some Bitcoin miners continue to thrive in the bear market while others need to rethink their strategies in order to carry on their operations. Analysis

The Bitcoin mining industry continues to face a tough year as the price of Bitcoin (BTC) hovers around $20,000 coupled with rising energy costs in North America and Europe . Regulators have also recently started cracking down on crypto mining, as a recent report from the Bitcoin Mining Council (BMC) found that Bitcoin saw a 41% increase in energy consumption year over year. other (YoY). As a result, a number of crypto mining companies have been forced to sell hardware, while others have filed for bankruptcy.

Yet this has not been the case for some miners, especially those focused on clean energy solutions and strategic approaches. For example, in September, crypto-mining firm CleanSpark announced a deal to acquire Mawson's Bitcoin mining facility in Sandersville, Georgia for $33 million. Crypto-mining firm White Rock Management has also recently expanded its mining operations into Texas.

Matthew Schultz, executive chairman of CleanSpark, told Cointelegraph that he views mining as a unique way to reduce energy costs when operated for reasons other than making a profit. According to Schultz, this perspective has set CleanSpark apart from other crypto mining companies. “Bitcoin mining is a potential solution to create more opportunities for energy development,” he said.

Schultz explained that CleanSpark partners with cities in the United States, such as Georgia and Texas, to purchase excess energy. For example, he noted that CleanSpark works with local areas in Georgia that receive power fr...