The amount of computing power dedicated to Bitcoin mining surged to a record as more companies made use of the energy and data centre space freed up after the upgrade of the Ethereum network, likely further compressing profit margins.
13.6%That was also the largest bi-weekly adjustment since last May. The increase is in part thanks to the decline of Ether mining, analysts said.
“Rack space for Bitcoin miners was limited, freeing up the space paves the way for machines previously unplugged to get plugged in,” said Ethan Vera, chief operations officer at crypto-mining firm Luxor Technologies, which has provided services to both Ether and Bitcoin mining companies. The more mining power there is, the less Bitcoin each miner will receive as the network only gives a limited amount of the token reward after successfully processing a certain amount of data.of the energy used for Bitcoin mining before the Merge. While small miners run graphic cards at home, industrial scale crypto miners operate tens of thousands of the cards in their facilities.
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