Bitcoin’s slump is good for crypto miners in the long term, Jefferies analyst says Aoyon_A
Bitcoin's price slump creates a barrier to entry for new miners. , but might nevertheless be positive for them because it will deter new entrants, investment bank Jefferies wrote.
When bitcoin prices continue to drop, smaller miners with higher electricity costs often reduce their operations, which will probably help publicly listed North American miners pick up “meaningful” market share, analyst Jonathan Petersen said in a note. “A slower growth trajectory for BTC price should encourage fewer new entrants to the network than if BTC’s price were to rise rapidly , allowing existing mining operators to grow their market share more quickly as they deploy additionalBitcoin’s price has fallen about 39% since reaching its all-time high in November, while the network’s hashrate has continued its increase, reaching a record above 200 exahash per second on Jan. 1..
Crypto mining stocks such as Marathon Digital, Riot Blockchain, Hive Blockchain and Hut 8 have all declined more than 4% on Monday.DISCLOSURE The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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