Bitcoin [BTC] short-term investors should know this before exiting
. But it seems like the former took a major hit while the latter continues to aid the network reach new heights.Bitcoin miners have experienced a trap in the crypto market because of the recent crypto crash. Now with Bitcoin prices plunging in 2022, underwater miners are forced to sell into a declining market environment.
One should know, that Bitcoin mining is energy-intensive and stable load that can be rapidly adjusted up or down with extreme precision at no extra cost. These factors make it an unmatched alternative for stabilizing electric grids through demand response. Well, in this case- things turned south, at least for BTC enthusiasts, and not the company in the spotlight.Sounds bizarre right? But that’s actually true.
generated $9.5 million worth of power credits in July, significantly more than their Bitcoin production this month of 318 BTC, worth $6.9 million.