Could Bitcoin Miner Troubles Trigger a ‘Spin of Death’ for BTC Price?
A July 9 post by @PricedinBTC about “mining costs” in the US caught the attention of the crypto community, especially considering the recent headlines BTC miners have made. out. The crypto bear market and the increasing cost of energy have caused a perfect storm for the mining sector and this has led several companies to lay off employees and others to defer all capital expenditures. Some have gone as far as to raise concerns that Bitcoin miners are falling into a “spiral of death.”
However, Raymond Nasser, CEO of Arthur Mining, a professional mining company operating in the United States, told Cointelegraph that their returns do not completely match the data from @PricedinBTC.