And what to expect next.
Every four years, we experience a bonus day in February, the United States elects a president , the Olympics take place, and we witness a significant event called the Bitcoin halving.
At that time, the price of Bitcoin hovered around $8,700, while the hash rate stood at approximately 120 EH/s. The majority of the hash rate was concentrated in China, and rumors regarding the possibility of a Chinese ban were merely rumors. Maybe we will even experience hash rate seasonality again–this round unfolding in ERCOT markets versus rainy seasons in China.
The absence of standardized basic metrics complicates comparing one miner to another and providing comprehensive coverage. Miners have very different strategies: some host, some own infrastructure and provide services, some have PPA that allow for massive power revenue but lower Bitcoin production, some are working on different forms of compute.
The game is no longer about being on the low end of the cost curve, a miner must be on the low end of the cost curve and not only have access to capital but a low cost of capital.
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