Soaring Energy Prices Bring Bad News for Bitcoin

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The Street

By Rob Lenihan Rising electricity costs are likely to significantly impact a significant portion of the crypto space. Rising energy costs will probably lead to a consolidation within the bitcoin mining community, the largest ETF operator focusing directly on the sector said. Josh Olszewicz, head of research at Valkyrie Funds, a Nashville, Tennessee-based investment firm in digital assets, told Bloomberg that “it is going to hit the least efficient miners the hardest eventually.” “If the electricity cost keeps rising, that’d prevent them from mining with as much profitability,” he said. Shares …

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