Leading miner walks away from Bitcoin

During the coronavirus pandemic, immoderate of my acquaintances feared they would get laid disconnected and were exploring antithetic gross streams.

Those funny successful innovative methods were rapidly drawn to Bitcoin (BTC) mining.

Related: What is Bitcoin mining? Explained

Bitcoin mining is the process of utilizing specialized computing hardware to lick analyzable cryptographic functions truthful that you tin verify and adhd blocks containing BTC transactions to the chain.

In speech for adding blocks and securing the Bitcoin network, miners person rewards successful the signifier of BTC.

When rewards were high, immoderate of my acquaintances bought specialized hardware to excavation Bitcoin; immoderate adjacent hustled connected their smartphones. Back then, it was a profitable task and drew tech enthusiasts looking for rewards.

But aggregate halving events implicit the years person importantly lowered rewards and Bitcoin mining nary longer remains a lucrative enterprise.

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Bitcoin halving, arsenic the name suggests, halves the artifact reward for miners and is executed to power the proviso of caller BTC coins.

So, rewards person declined contempt a emergence successful Bitcoin terms implicit the years.

Not lone my acquaintances, but respective fashionable crypto companies person besides abandoned Bitcoin mining operations.

The allure of artificial quality (AI) is besides there. Since mining companies already own high-end computing systems, they didn't instrumentality agelong to wantonness mining for AI.

As reported earlier, Bitfarms Ltd. (Nasdaq/TSX: BITF) said successful November 2025 that it plans to wind down its Bitcoin mining concern by 2027 and pivot to AI.

Tether Holdings, the world's largest stablecoin company, besides announced the aforesaid period that it is shutting down its Bitcoin mining operations in Uruguay.

Now, different fashionable institution is walking distant from Bitcoin mining operations.

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Bit Digital (Nasdaq: BTBT) is simply a crypto institution that began mining Bitcoin successful 2020.

It adjacent mined Ethereum (ETH) for immoderate clip earlier the blockchain web transitioned from proof-of-work (PoW) to proof-of-stake (PoS) statement mechanism.

Following this transition, the steadfast pivoted to Ether treasury and staking and subsequently to AI operations.