Cryptocurrencies
Crypto Cowboys Test the Lonestar State’s Grid as Mining Woes Persist
Miners seeking to curb their losses are still being lured to Texas despite the state’s grid issues
A Bitcoin mining facility under construction in Fort Stockton, Texas.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
As our colleague David Pan has been reporting, Bitcoin miners have been having a very rough time of it.
To paraphrase one of his recent stories, falling Bitcoin prices and rising energy costs “led to combined second-quarter losses of more than $1 billion for the top three US publicly traded players — Core Scientific, Marathon Digital and Riot Blockchain.” Yikes.