Why was 2022 the worst year for Bitcoin miners?
According to Luxor CEO Nick Hansen, 2021 was a great year for growth in mining after the Chinese exodus, but some new Bitcoin security providers did not properly prepare for the 2022 bear market.
The changing market conditions, coupled with the somewhat unexpected collapse of FTX and other institutions that further crashed the bitcoin price, provided a dire environment to which some new miners could not adapt.
Thankfully, 2023 is shaping up to be much better with plenty of upwards volatility to provide some optimism.
Find put more about Bitcoin mining by listening to S13 E7 of the Bitcoin Takeover podcast, with Nick Hansen! The episode is available on YouTube, Spotify, Apple Podcasts & more!