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Citadel Dispatch
Bitcoin Park Open House: Bitcoin Mining - What to Expect in 2023
Jan 21, 2023
Harry Sudock, Cassie Clifton, and Jonathan Kirkwood discuss the challenges and expectations for the future of Bitcoin mining, including the struggles faced by the industry in 2022, the dominance of large mining firms, the potential of mining in pro regulatory locales, concerns about the next mining cycle, and the potential of home mining to reduce heating costs.
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Quick takeaways
- 2023 will be a year of survival for miners, with opportunities to capitalize on lower costs per terra hash when buying Bitcoin.
- Diversifying revenue streams and understanding the power market will be crucial for long-term sustainability in Bitcoin mining.
Deep dives
Key Point 1: Challenges Faced by Miners in 2022
In 2022, the mining industry faced significant challenges. The global hash rate exploded with China shutting down its mining operations. The hash rate quickly shifted to the US, resulting in intense competition for mining rewards. Additionally, manufacturers delivered machines at higher efficiencies and massive scale, but financing structures for purchasing these machines failed, leading to compressed margins and financial difficulties for miners.
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