Bitcoin miners, who had a hard time last year due to rising energy prices, have not yet achieved their former profitability. The hashrate (mining difficulty) rate, one of the most important on-chain data on the BTC network, has dropped from peak to peak, while the amount of dollars earned by miners per unit transaction TH/s is at all-time lows.
According to Blockchain.com data, the hashrate rate is pushing 400 million. Mining difficulty has increased by about 55% since the beginning of the year. This reveals that the interest in Bitcoin continues and the competition in the miner market has increased.
According to another data tracker, HashrateIndex, a BTC miner earns only $0.059 per unit transaction. In the 2021 bull market, this figure was hovering around $0.4. Cryptocurrency miners have lost most of their income since then.
In today’s market conditions, small-scale miners are on the verge of bankruptcy. In order to survive, companies prefer to sell their equipment or be bought by another giant.
BlackRock, the world’s largest asset manager, is one of those who turn this situation into an opportunity. The financial giant, which has close to $ 10 trillion in assets, has made large investments in Bitcoin mining, according to recent reports.
BlackRock Invests in BTC Miners!
According to the latest report from the non-governmental organization Greenpeace USA, BlackRock is making large investments in the cryptocurrency space. Giant asset management firm, BlackRock, holds $600 million worth of stock in Bitcoin mining companies, according to research. The company is the main shareholder in most IPOs of cryptocurrency miners.
Greenpeace emphasized the negative aspects of this situation in the report it prepared. Miners emit large amounts of carbon, causing the climate crisis to deepen.
The only move of the world’s largest asset manager with crypto is not limited to this. BlackRock has knocked on the SEC’s door for a spot Bitcoin ETF fund in the past months.
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