Until this year, much of the crypto world had been focused on boosting crypto prices. Now some big investors are looking for ways to make money from the crash.
A 60% drop in bitcoin prices this year, along with the increasing difficulty of mining the cryptocurrency, has hurt miners, especially those who borrowed money to buy hardware as bitcoin prices peaked last November. For readers less familiar with the process, bitcoin “mining” involves computers solving complex mathematical problems in order to validate a “block” of transactions on a network. The miner who completes the problems first is rewarded with new bitcoins. The whole process often involves a lot of computing power.