Bitcoin miners stockpile coins to ride out profit squeeze

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The story "Bitcoin miners stockpile coins to ride out profit squeeze" was covered 2 days ago by Financial Times, a news publisher based in United States.

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Financial Times 2d ago

Bitcoin miners stockpile coins to ride out profit squeeze - Financial Times

Quick Summary:

Asher Genoot, chief executive of Hut 8, considers his company an “energy infrastructure” group with bitcoin as the financial base of its balance sheet.

US bitcoin miners are accumulating war chests of the cryptocurrency to help them withstand tightening margins as competition for resources intensifies.

CoinShares, the investment group, estimated that the average cost to produce one bitcoin for all US-listed miners rose to $55,950 in the third quarter, up 13 per cent on the previous quarter.