Bitcoin miners turn to renewable energy amid profit margin squeeze
Bitcoin mining hash price, a critical metric for determining profit margins in the industry, is hovering near record lows.
Bitcoin mining companies are turning to renewable energy to reduce costs amid record-low hash price, a critical metric for miner profitability, which is below the $40 level that marks the breakeven point for mining operators.
Hash price, which measures expected miner profitability per unit of computing power used to successfully add a block, is about $39.4 per petahash second per day (PH/s/day) at the time of this writing, according to mining data provider Hashrate Index.
Sangha Renewables, a Bitcoin (BTC) miner and renewable energy company, energized a 20 megawatt (MW) solar-powered mining facility in Ector County, Texas, on Thursday, according to TheMinerMag.