Oil Surge Hits Bitcoin Miners, More Than Price
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Oil price surge threatens Bitcoin mining profits - Despite minimal direct impact on mining costs, rising oil prices could drag down Bitcoins value, hurting the industry. Eight to ten percent of the Bitcoin networks power comes from oil-sensitive regions, while the rest runs on stable energy sources. Miners profits are more tied to Bitcoins price fluctuations than power costs, with hash price hitting a record low due to a significant Bitcoin drop.
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