Spending thousands on power consumption for pennies in digital revenue. Welcome to the future…
The bankruptcy of Core Scientific, which accounts for about 10% of computing power on the bitcoin network, operating 143,000 mining rigs and hosting another 100,000 is the biggest one yet and is set to send shockwaves in an already crumbling industry.
The Bitcoin network is collectively losing $5 billion per year while heading into an environment of rising energy costs and recession. In early 2024, the Bitcoin algorithm reduces mined coins to half so at the current price, the annual loss would almost double to $8.4 billion.
But don’t worry, they’re putting up shitcoins as collateral. [PR News Wire]