Bitcoin Miners Ruined by Downturn, “Selling Hardware by the Pound”; Giga Watt Files Bankruptcy80.1

Miners have been decimated by the market downturn. In response, miners have started decommissioning hardware, mothballing rigs, and even selling hardware by the pound.

Bitcoin and cryptocurrency proof-of-work (PoW) mining is a controversial topic. Mining is a process where computers continuously solve a difficult algorithm in exchange for cryptocurrency. This exchange consumes a massive amount of electricity, but also secures and processes transactions on the Bitcoin network.

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